Clicking sound, not starting up

So I got my iPod kinda wet in the rain yesterday. It was raining pretty good, but it's not like I dunked the &^*@ thing. Anyway, at some point it started skipping a lot, then it told me that a firewire connection no longer works and that I should plug in my USB cord, then it toggled between hold and not hold randomly for a while, and finally it just died.

I got home and stuck it in a bowl of rice to dry it off a bit, and when I took it out today, it wouldn't turn on. I plugged it in, and after a bit, I got the 'low battery' indicator, so I left it plugged in for a while. When I looked again, it was still giving me that sign, so I tried restarting it. The Apple logo popped up, but that's as far as it ever got before it froze. Next time I tried to restart it, all I got was a blank screen and a clicking sound. The sound is coming from the lower third of the iPod, which is an area that, looking at iFixIt's teardown, I believe holds the memory chip.

Is it fried? I didn't know that the click-of-death was associated with flash memory, too.

UPDATE: Now it seems to have stopped clicking and back to the Apple logo... oh wait, and now the black screen... now Apple logo... now blank screen... and back again. WTF?

On a better note, the clicking noise has gone away while it's doing it's Apple-logo-to-blank-screen cycle.

UPDATE 2: It has finally died completely. Now it won't do anything, even when plugged in. R.I.P., good friend.