Never done that, but I did spill a hefty amount of beer on my Touch (before I invested in a cover) once. All was fine, except for what looked like an ink stain I got underneath the screen. Had to play around with font size and line spacing with every book to try and get that stain in between the lines.
Obviously, this is more serious, but I hope there's not too much damage. If there is, maybe it'll give you an excuse to upgrade to the Glo. Whenever I want a new phone, I hope for my current one to be damaged, but of course it never happens when you actually want it to.