iPod and possible water damage, no charge or power signal?

Possible, but unlikely with this model iPod. There is more physical room than with the other iDevices. Just to make sure, disassemble your iPod using this guide. Then clean all the parts in 90%+ isopropyl alcohol. Once it is cleaned, replace the battery. Make sure you also clean the dock connector on the bottom of the logic board. Look for any bend , broken or corroded pins. Watch out for the battery connector on this model, it does have a tendency of breaking off. Use a L-shaped paperclip to pull straight up on the locking tab to disconnect the battery. Hope this helps, good luck.