Ipod in the Sink.

At least over night or a couple days. It may not be a total loss. My son dropped his in a pan of water and Epson salts. It dried out and worked. A bit glitchy but ok.

It may take a few days even 3.

Over the summer my brother forgot he had his iPhone 4 in his pocket when he went swimming -- for, like, an hour or so. A couple of days in a zipped bag of rice (totally covered) & it works just fine. Not sure if iPods and iPhones are the same in this, but I'd let it sit for a day or two & then try.

What do you have to lose by giving it time?
Good luck!

I usually leave it overnight.

ETA: I once left my phone in my pocket once, and it went through the washing machine. I left it in a bag of rice for two days, and when it came out it worked just fine... So there is still hope.

My son knocked my daughter's Ipod into a bowl of soup. She had it in rice for weeks. It finally got to the point that it turned on but did not work again. At least we can take to an Apple store to try to save the memory. They may be able to move everything.

*Call the Apple store/Techs, and ask them.

It fell in a sink of water? Versus it getting a few wet droplets on it.
I would think, it is done with.
Kaput.

Once, a kid at our house, threw a ball in our house... and it hit a cup which then flew and crashed into our laptop, and the laptop got wet with the water.
We QUICKLY grabbed it, dried it off, put the laptop in a tub of rice. For days... and days. We even spoke to the Apple techs.
It did not work. The computer was history. It was fried. The mother board got fried. And the other circuits etc.
And to fix it, would have cost as much as buying a new laptop. Which we then had to do.

Sure, an iPod is not exactly the same as a laptop but well, just relaying my story.

Its done. Take it to apple. Our first one was replaced for free. The second was replaced for half off.

If it was submerged in water, it's most likely done.
The rice deal usually only works if you can get the device apart. Good luck.

I see it worked for you but if it happens again, I usually change the damp rice out twice a day until it stays dry. Then I figure it has gotten all the moisture out of the device and give it a try. Has worked on ipods, although the last one had a couple things that wouldn't work. We paid $99 at Apple to get a refurbished one.

I'd put it in a bowl of rice, to be honest. Lots of rice...

When my son spilled a coke on his laptop, the tech people told us 24 hours. Good luck...