I would not try to start it until you have dried it out and dried every thing out really well.
There Are ways to seal em up. Here is a link the the searchword "wet" http://www.google.com/cse?cx=partner...wet&gsc.page=1
Read,read and read some more. I used to ride in the rain all the time not thinking anything of it and was fine.
Don't jump in to buying parts after the reading scares the dogstuff out of you. lol
Could be just fine.
I had one on the back of my car and it got soaked for 3 days and eventually started again But took 20 mins of trying and pedaling in circles. I was poed and just kept pumping it around a parking lot. But it did fire off and lasted a good while after.