Camera's lens won't open. Is this fixable?

Last year I had to leave the house because of a punctured gas line right in front! It was raining. I ended up walking and standing in the rain for 3 hours not realizing water was getting inside my rain coat pocket and drenching my Canon S95. I let it dry out in front of a small fan when I got back in but it no longer worked. The lens won't extend. I've subsequently read on the net that this is common with many cameras of this style. Can this be repaired?