My USB memory stick also landed in the washer the other day. I thought it would be dead, so I just tossed it aside and left it for a week. Then I tried it and, hey, it worked with all the files still accessible!!
I'm with the previous posters. Leave it for a few days, and try it again. If there was water in when you plugged it into the computer, it may be fried.
Also try "PC Inspector file recovery". It's a freeware file recovery program that works quite well to recover files when your partition table is damaged. (I suspect your partition table is damaged because it does not recognise the usb drive)
Good luck!
