Most likely. if there was enough water It could have shorted everything out inside because it was on. If you can't get it to work with any at home methods then its probaly dead Not worth the money to look at repairs. Do you have a contract woth the phone? If so, I know people who have taken their phone back in and sometimes they would replace it if its under warranty. make up a stupid story.
damn.... yeah my contracts up in acouple of months so im gunna stick tight with my droid v1 :/ ill go to Verizon tomorrow and see if i can pull some strings.