iPod touch 0% battery?

With water damage, there's almost no telling as to why that happened. See if you can connect it and transfer any data from it that you may not have backed up on your computer before it dies again.

Yeah I blind bought a 2nd gen 8gb iPod (MC) and it would turn off randomly and the volume buttons didn't work... I suspect it would've taken a bath in it's history as water damage can be very random as to what sort of damage it does to the device.

As SandboxGeneral said I'd also oplug the thing in and salvage whatever apps/photos/movies's that are on there and transfer it your Mac before it's too late.