Even with the device in rice, water can hang out inside the device for a long time. The water could have shorted out any number of things, and my first advice would be to open the iPod and thoroughly dry each component with a soft cleaning cloth. [[Device:iPod Classic|These guides]] will get you into the device. If iTunes doesn't read it after some thorough careful drying, I would bet the problem is a damaged logic board. We are currently out of stock on logic boards for the iPod classic, but you could asked to be notified next time we have them in stock [http://www.ifixit.com/iPod-Parts/iPod-Classic-Logic-Board/IF130-006|here].