i would imagine that it probably will not turn on again, but I did hear that if you sit a wet ipod in a bowl of rice the rice will soak up some of the water and if you leave it for a day and come back it should be dry and work. Never tried it but if nothing else its worth a try right?
If it was saltwater, I doubt it will work.
Salt water LOVES to eat electronic gizmos.
Do NOT turn it on or plug it in.
Let it sit for 3-4 days in a dry, airy place.
Do not try to speed up drying it out (direct sun, oven, heater, blow dryer, etc.)
After that, plug it in for 30 minutes.
Reset the iPod and see if it works.
If not, you have a few options.
Open it up & rinse it in distilled water and
gently swirl it around for a ~5 minutes, then let it dry again.
Also, you can try www.ipodresq.com or www.ipodmods.com