My iPod fell into water while it was still on?

So basically I dropped my ipod touch into water while is was still on, so I instantly dried it with a cloth and tried to unlock it. The screen was on but i the back light wasn't neither were the touch receptors work so I turned it off and put it in the rice for about four to five hours then I tried to turn it on and it booted up but the back light wasn't working and neither was the touch sensors but I could see what was on the screen it seems to have reset its self because it was on the ios5 welcome screen.so I put it in the charger and the backlight turned on but the touch sensors still didn't work.So I rebooted the ipod and now the backlight didn't work and neither did the touch sensors. Then I charged it overnight and it started emitting a white light I couldnt turn it off and the backlight was on.Today it compleatly dead it wont turn on or anything what should i do? Im really sad that i dropped my $200 device into water :(. I know there are other answers to this question but my secinario is slightly different. Thanks in advance.