Is there any way to fix water damage on the device?

The best way to handle this problem is to take apart the device and clean it. Remove the logic board. If you are unsure of how to do this, reference the logic board replacement guide (coming soon). Use 91% Isopropyl Alcohol and a soft brush to clean any corrosion inside the logic board. Allow the logic board to dry in sunlight. Reassemble the device and check to see if it works. If it does not work, you may have to replace the logic board.