My I pod Touch got soaked. Will it be ok?

Okay so i put my i pod on the table next to the couch (Downstairs) which is underneath the dish washer (Upstairs of course). And somehow water leaked through the ceiling and drowned my i pod. I have no clue how long this was happening maybe an hour. So when i found it I grabbed it quickley took the rubber case off and dried it with my shirt. Then i stuck it in alot of rice. So yeah.. I plan on keeping it in the rice for a little while. Do you think it will be okay?