First, I'd avoid giving the OP ways to get around the warranty - iLounge has made their opinion on fraud very clear.
Second, no, that wouldn't be covered under warranty. According to Apple
- "Apple's Limited Warranty for iPod excludes coverage for damage resulting from accident, unauthorized service and unauthorized modifications. Please review the warranty for further details." That would very clearly be "accident."
Finally, even if you snap the back on and try to fake through it, you're missing one thing - there's a small piece of litmus paper in the headphone jack that changes color when exposed to water. Undoubtedly it's been exposed and changed color. First thing the Apple Geniuses will do is look in the headphone jack before exchanging it.
Sorry to be the bearer of bad news, but you're S.O.L.
EDIT: Forgot to mention some tips/tricks I've read (not fraud) -- whatever you do, do NOT turn it back on until you are 100% sure it's dry. Otherwise you'll short it out in a second. Also, you may want to search - some people were able to douse their wet iPods with alcohol (rubbing or similar) which "pushed" the water out and allowed it to dry better (no guarantees). Last option is to drop it into a bad of dry rice and hopefully they'll help dry it out..