How Can i fix my Ipod touch from water damage?

No. When you drop an electronic device, DO NOT TRY TO TURN IT ON. If it is on, power it off immediately. Just because the outside is dry doesn't mean the inside is. Once you turn it on while still wet, it will short circuit, and you will probably never see it on again. What you should do is power it off immediately, then get a bowl of rice or silicon packs, and put it in there for two nights. This is the best way, as the rice/silicon packs soak up all the water. After two days, you can power it on, and it most likely will work. Be patient. After one day it will look dry enough, but looks are deceiving. Sorry to tell you, but there is nothing you can do to resurrect it.