iPod 5 Replacement if water damaged?

So heres the story:
My carelessness led me to leave my iPod 5th gen in my pocket and I went to go wash my pants. My pants were in there for 10 seconds before I realized that my iPod was in there. I quickly grabbed it and tried to see if it worked. Sadly, the speaker wasnt making noise and the touchpad wasn't working either. So I turned it off by reseting it and putting it in a bag of rice. 2 days later, I take it out and it wont turn on. Its not charging and it wont make noise.

Basically, its busted. I know that Apple doesnt cover water damage but... Is it possible to get it replaced? If so, how much money will it cost me? Or do I just have to buy a completely brand new iPod (I really hope I don't). Please help!!