I have two of the Moultrie 1.3 mp cameras and I know they are rain proof, but I don't think they are flood proof. I'd say your cam is wet inside but it may be ok after you dry it out good and clean it up.
LOL anyway, I dropped my cell phone into the toilet one time and after retrieving it and washing it off, I took out the battery and put it outside in the sun to dry out. After about two hours, I recharged the battery and it worked fine and still works today. Go figure. LOL.
BBO