thats a second for bruce's comment, get that engine out of the alcohol and get it in some fuel!! dry the electronics as fast as possible with a hair dryer!! get on that now! the balsa needs to be laid as flat as possible so break it down (take the gear off, wings off anything that wont let all possible surfaces sit flat!) then take a dryer to them as well, the longer the water sits the more damage it will do! dont let it dry slowly! dry it fast!

another second for bonified wingnut's comment about running all radio equipment through a full battery cycle and if everything works til the battery goes down then i would say you are crunchwrap! (good to go, hehe)

edit: dont heat the wood too fast as it will warp, just set it near a space heater (at least 4' away) in a small area and let the room warm up, dont put direct heat on the wood)... i would also check for any damage if it hit hard at all, check for wing separation most especially, re heat loose covering to tighten it but only after all the wood underneath has sat near that space heater for about 15 hours! good luck!