Computer hardware is very durable. I'm almost sure it will work if you clean and dry everything.
I speak from experience but not with hardware and water but hardware and FIRE.
I used to live in an apartment with 3 other people. Well during one of the breaks i left for home and i live 6 hours away from college so i didnt get home until late that nite. Needless to say, i got a phone call from one of my roommates and he said "Dude, you gotta come back, our house caught fire." I was not amused since i just drove 6 straight hours and all i wanted to do was sleep. Well he kept his tone and he said again, "no man, it's not a joke, our house caught on fire."
Well my heart sank and being a computer enthusiast the first thing out of my mouth was .... "IS MY COMPUTER STILL WORKING?" Well when i got back to the apartment, i saw the room next to mine was all black with ash and still wet from all the water the fire company must have pumped into it. I walked into the apartment and saw all of the water damage from that room seeping thru to the living room downstairs. I went up to the rooms and saw the room with the fire with NOTHING in it but ash. Then i went into mine which was covered with sticky goo that the fire department probably sprayed to keep the fire from coming thru the wall. I saw my tower case and it was covered with ash and that sticky stuff. I collected my belongings and went to a friend's house and started cleaning what i could. well when all was done, i didnt expect much since it was all sticky and ashy still inside my case with all the cleaning i did. I hit the power button and to my surprise, everything seemed fine. i did a couple of tests (games) and everything was fine. the only problem i did see was that when i tried to restart my computer, it would not boot up again unless i shut down. that was a minor detail since i usually shut down my computer anyways and then boot up from cold.
Well to sum it all up, i think computers have come a long way to survive most of the elements. What happened to this computer you might be asking? well i took what i could from it (plextor 8/20 and scsi card) and then i sold it for $60 to some guy and put the money towards a new computer.