I have a Macbook, and I love it to death, but I also know a guy who had this happen to his thinkpad, and it was actually fine. It turned out the keyboard was hermetically sealed from the rest of the machine, and it had drain holes through the middle of the laptop. He let the water drain, let the whole thing dry, and turned it back on, and it was in perfect shape.
Monday I came in, put in the battery, turned it on, and everything worked fine. And I mean everything, even the CD drive. I'm typing on it now. For comparison, a guy I know had the same thing happened to his thinkpad with a cup of plain water, and it just died.