The Gadget show covered this issue some time ago. One of the presenters (sadly not the fine Suzi clad in a bikini – not enough pockets) leapt into a swimming pool with a number of electronic gadgets in his pocket.
They then set about drying them out by dismantling them as far as they could and exposing them to an indirect heat for a longish period of time.
Things like the phone, camera etc came back to life as they could be dismantled. The Shuffle remained dead as they couldn’t get it open to allow the moisture out.
Good luck though. Let us know how you get on.