I happen to just have an almost disaster. I turned my WC system on a week or so ago in the morning and went to take a shower. When i came back my computer was off. I looked inside and saw water dripping from my cpu block barb. Apparently the clamps came loose over time, i swear i tightened them before i came back to college here.
Anyway, my Radeon 9800 pro was shot and my mobo was covered in water. I skipped all my classes that day and found that the agp slot and a shitload of water underneath it, i blew that out with compressed air. I let that dry for a day with a fan along with my radeon. I wiped everythign off with alcohol and cleaned off the white hard stuff from the drying of the water. Then when it was all put together it was not working....and i was pissed.
but yesturday when i was about to return the radeon (found out that was broke) i tryed it again and it worked. After some tests i found its perfectly fine. so apparently it needed to dry out more.
so i am happy

. just gotta recommend that even if u have tightened ur clamps recently check them again, especially after doing some work inside ur case cause u may have moved the hoses around and loosened the clamps.
...now i just gotta get a replacement for my crappy amd athlon mobile 2600+ that cant get past 2ghz for some reason.