Probably Not Recommended by Canon
Last week while photographing my friends fishing I dropped my lens cap into the water. Duh! To further complicate the error I lunged for the lens cap with my 50D hanging on the camera strap around my neck. Hearing a plunking sound I realized that my camera was half submerged in the water. I immediately stood back up and turned the camera off. As I was doing so a blue light glowed and then went dead. OOps! I have never seen a blue light before.
The camera was dead.
I took the camera to shore and pulled the batteries out and took the lens off. When I got home 6 hours later I everything in the oven on low (130 F) for four hours. Then I let it sit overnight. The camera came back to life with the exception of having to clean the lens to camera contacts. That's not to say that corrosion won't kill the camera later. At least it wasn't salt water.
So don't bend over into the water when you have your camera around your neck.
God's blessings to all,
chris