How much will it cost to repair a water damaged 70 dollars Maxell MP3 player?

I bought the MP3 player two days ago in Panama; it was a real bargain, but f*ck, I was listening to Radiohead while doing my business on the toilet and it fell... I caught it (I thought) just in time, it was only slightly wet and I thought no water had entered into it. I was too desperate to see if it worked so I turned it on. And it did work! I forgot the whole thing and after a while, noticed the battery was low so I plugged it in to charge it. That was the end of my MP3 player. Now I can't turn it on. It's a Maxell Triad Mp3 and Wma player with FM radio and voice recorder. I don't know the exact market price, cause things are cheap in Panama. (BTW, I live in Costa Rica). I want to know whether fixing it would be more expensive than buying it again. Also, I know the warranty says water damage is not covered, but can I say that it just stopped working or something? Do I have to send the player to the retailer or to Maxell?