[asshanson]

It is f'd. Mine got a little wet and the touchscreen stopped responding to contact. It turned on and off fine, just couldn't do anything. Apple put a little indicator inside the headphone port that turns pink once it's wet so they don't have to warranty it for water damage.

Cost me $200 to replace it at the store, and they were able to save everything since mine still turned on. They might be able to pull out the memory and stuff to put it onto the new phone. Or if you've backed it up on your computer you should be fine.