Water Damage help?

Hey, i have an ipod touch 2nd generation, i accidently got water on it, quite a while back now but eversince then; the screen doesnt respond at all. I took it to an apple store and they looked at the little colour switch in the headphone jack, it was red? Its got water damage, they said i could give it to them to repair it which would cost me £70 or give it in for 10% off the current gen (which was the 3rd gen at the time). I didnt want to do either of them because i knew the 4th gen was soon to come out and i didnt want to pay £70 . I then looked on youtube for help and found a guy who was saying to get a small object and use it to stick it down the headphone jack and change the colour switch to white and take it back to the apple store, he guaranteed that they would either it fix for free or give me a brand new one. Is there way i could fix it myself? If not then i would try that solution. help!?

Do you actually believe the youtube rooster?

Water = death on many electronic appliances alas.