I'd try to run it on fresh gas, put the fuel line into a gas jug. I had a ski sink and got about a gallon of salt water in the fuel tank.
Get jumper cables so you can keep your battery going until you get it to run.
As mentioned above, this is a VERY common problem, and usually can be fixed in about 10-15 min.
If you got the water out of the motor/case and it won't run it means:
1.) you have water in the fuel tank (fix that as mentioned above until you can siphon out the bad gas)
2.) You have water in the electrical box or stator. open those up
3.) Check the black/white connectors as they may have gotten wet and are giving a bad connection.
I wouldn't sweat the overnight. Things don't really start to rust until oxygen in air gets on them. Actually keeping it submerged in water would be better than drying it out without getting it covered in oil again. Main problem is if only part of the crank was submerged, the part in the air (that had once been submerged before you cranked the ski) may rust. Don't think any significant damage would occur overnight (just a fine surface rust that will get washed off once you get it running).
I had a camera once and the instructions said if you ever got it wet in salt water to keep it submerged in water in tupperware or something and send it in to be repaired (not to let it dry).