Yeah, I've put my Zune 4 in the washing machine twice now.
I dried it off, gave it a few days in a warm, dry place, and plugged it in to recharge & sync. Works.
The Zune pad needs some extra drying time (its obvious there's still water in the circuit there...) and the battery life has taken a real hit (waterlogging would do that.)
But it works.
Let's see you throw your iPod in the washing machine.