Red Ring of Death!

[Buster]

I am sick and I get dry mouth at night, so I get water and bring it back to my room to help. I set the cup on top of my Xbox 360 and left their and took some sips from it every now and then. I left it their all day and was going to play some SO while watching Netflix (supernatural, really good show) and I was moving my pillows and knocked over my glass of water. I cleaned it all up and turned my Xbox 360 on and it gave me the Red Ring of Death. I told my mom about it and she said she will buy me a new one (yeah I live with my mom, I am 16 ._.), but I didn't want her to spend money on a new one if their was a solution to this. I have had my Xbox 360 for a long time.

If anyone knows what to do please help! thanks :)

[Chaos]

Well, first of all, don't ever place anything on top of electronics like that.  It's not a surface, it's an expensive piece of hardware.

As for the console itself, I will preface that I am no expert on Xbox 360s, but if it's RROD-ing because water was dumped on it, I don't think there is much more to be done.  As soon as you turned it on while water was inside, it probably short-circuited and fried the hardware.

EDIT:  Here's some info about the RROD.  Realize that there is a number of different 'error codes' for the 360, depending on how many lights are lit up red.  I am assuming you have 3 lights, which is a general hardware failure.
http://en.wikipedia.org/wiki/Xbox_360_technical_problems
Also, it does mention a few things you may want to attempt before calling it dead, such as:

The 3 flashing lights can also be caused by power surges; if the console is connected to an outlet that receives a power surge, it may have a failure and the 3 lights will appear as long as the console is plugged into the outlet. Turning off the console, unplugging all power cables and plugging them back in, and restarting the console may fix this issue in some cases.

EDITEDIT:  Or, even better, you may want to take a look at this:  http://www.ifixit.com/Wiki/Xbox_360_Troubleshooting#Section_Red_error_lights