DIY Boat Owner has a review of this Bheestie Bag "dry out your electronics" solution... sounds like just the thing for a boat owner. I've killed a pager due to water (and the next day dropped my cell phone in a lake, but that was unrecoverable).

Recently I've had people suggest: 1) a bowl of rice - put the device in a bowl of rice or, 2) bake on low (trick is keeping the temperature low enough to not damage the device). This commercial product might be a reasonable alternative. Read the article for their rating.