A few minutes ago, my beloved ipod touch slipped from my hands and into a sink of water. Totally wet but I quickly dried it off. I'm afraid I did the stupid thing of trying to turn it back on for a split second, however.

 

It's now in a bag covered with white rice. How long do you have to wait to see if it works? Is 24 hours enough time or could it be tested before then?

You'd definitely need to leave it for at least a day if not longer.

Yeah, and maybe dry it with a hairdryer.. most probably it still works, but the speakers can be damaged because that's what happened to my friend.. Hope it works for you :D