I'll get to why in a second, but if you do, you just lowered your chances of saving it. Take out the battery.
Most of us have managed to do it one way or another. You forgot to check your jean pockets before you washed them, you knocked your phone into the lake, dropped it in the toilet (let's hope you didn't flush it), or maybe you can't remember the exact details... but for some reason your camera smells like cheap beer and is dripping wet.
This instructable will guide you through the process of attempting to save your wet cell phone, PDA, MP3 player, camera* (See note). I'll use my MP3 player,since it's the last thing I managed to put through the wash...whoops. I'll shadow with a cellphone for those in that category (It went through the wash before, but I managed to salvage it). For all intensive purposes, assume when I say MP3 'player' or 'cell phone', I obviously mean your device.
I'm writing out the specifics about the how's, the why's, where's, and all that good stuff. I'll be the first to say, I'm all about the deet's (details). If you're not interested in a little more reading and a better understanding, you can just read above this dotted line in the steps, and ignore anything below it.
Yes, this line right here.
- - - - - - - - - - - - - - - - - - - -
If you have a accidental damage warranty, go talk with where you got it from and see if they do water damage! If you know you're screwed and your warranty is void or won't cover it--like when that little white dot on the inside of your cell phone (Water indicator) turned red--then you might wanna give it a shot.
Cameras are usually a lot trickier, mostly due to more moving parts, usually cramming everything to be as small as possible, moving parts (lens), and generally more fragile equipment. You can try getting a quote for fixing it, which if you have the money (or it's a pricey camera) I'd recommend since they'll be able to do a better job. If you can't afford it, give this a shot.