Just thought some of you with more ingenuity than dollars might want to read this.
Several weeks ago, I stepped out of a canoe (over a divable karst spring). I had my new for Christmas Olympus FE-180 on its wrist strap after a full day of shooting on the river. Someone thought I would inadvertently dunk it, so they said to set it on the bank. Once out of the canoe, this helpful person tried to hand it back to me and...glug...glug...glug-- bonk! Into about a foot and a half of water, where it hit a rock. The batteries flew out. I retrieved both the batteries (NiMH rechargeables) and the camera, which drained water as I pulled it out. Oh #!)*$)*!
I immediately pulled the xD card, and wiped it down. Shook out the camera.
Put it in the hot-hot car. After about a half hour I wiped everything dry I could, then inserted the batteries. The lens came out, and it was fogged, but the other mechanisms were acting very strange. Lens went in and out like a piston. The flash (which I didn't fire) had water inside. Dang it! Took out batts and went home. Used a card reader and retrieved the photos, so at least that wasn't a loss. Opened up the battery door, and set it on the air-conditioner register over night.
The next morning, the camera started up just like it was brand new--asking for a date, etc. Lens looked dry. Batts in again-- and tried a photo. The photo looked like it was behind blinds--every other horizontal line or so was blank. Oh, well, it's broke now. Took out the tiny screws, and pulled the faceplate off, set it under an oscillating fan, and went for margaritas to drown my sorrow.
Came back, reassembled, and voila! camera was good as new. I just took over 300 photos with it at convention and no ill effects.
Yeah, I probably voided the warranty, but the warranty doesn't hold against moisture in the camera anyway, esp. not due to operator error. Some people have said they've put wet cameras in polyethylene sealed containers with silica gel, and revived them that way.
So, hey, if you drown your digicam (and it is off when you drown it, so nothing can short) try this. No guarantees, but it beats a dead camera.