Currently Being ModeratedApr 22, 2013 9:48 AM (in response to wizzy from neworelans)
If it is still recognized by iTunes, doing a Restore on the shuffle will fix a software problem, because it will erase the shuffle and re-install the software. The Restore is done from the shuffle's Summary tab.
However, there is likely to be a hardware problem because it got wet, perhaps in the power switch in your case. You may want to leave it alone for a few days in a warm place with air circulation, if the laundry thing was recent (in the last week or so).