I didn't even try to turn it on, which is VERY important (I know this because I have looked up the same information as it relates to Blackberrys, just in case the unimaginable ever happens to me). Apparently trying to operate it while it's wet causes the device to short-circuit and you're out of luck permanently. You also should NOT plug it into the charger while wet.
The most popular online suggestion was to put the iPod in a bag of rice, sealed tightly, which is exactly what I did. (Of course our pantry is stocked only with Minute Rice, but it didn't work any faster. Ha ha.) I left it for about five days, forgetting to change the rice every 24 hours as recommended.
When I finally braced myself and turned it on, of course nothing happened because the battery was dead. I plugged it into my computer and got a message on the laptop screen saying that the USB device had malfunctioned and the computer didn't recognize it. However - the low battery sign popped up (looking normal) on the iPod screen so I held out hope.
I left it to charge, and after about an hour I attempted to turn it on and play it and...HALLELUJAH!
Obviously I can't guarantee these results for anyone else, but I know for sure this iPod was completely immersed in water for the length of a cold permapress cycle and is now back in perfect working condition with all data still on it.
I hope this can help someone else...or perhaps inspire you to train all family members to check pockets before throwing laundry in the washing machine. That would be even more efficient.
P.S. Since originally writing and scheduling this post, the iPod user has discovered that our solution wasn't perfect, as he/she (not to implicate the negligent pocket-checker) has detected an issue with the volume...in that once the volume is raised, it cannot be lowered. Oh well, at least it's still usable.
