I had my water sitting next to my Dell Inspiron 1501 on Sunday - today is Thursday. I unplugged it, dried what water I could see, took what obvious parts I could off, and dried it in front of a fan for three days. After putting it together today, it took a while but it came back to life. Is there anything in particular I should check on it to be sure it's okay before I just use it?
The "it took a while" likely means there's been damage - if the system runs, it's probably OK for now but you may find it doesn't stay that way. If it doesn't, budget for a new system - this one isn't worth a major repair.
If the system is booting up fine after drying all the parts and reassembling it, there is no need to change or do anything different. It seems that thoroughly drying up the parts resolved the issue. I would suggest you to observe it for few days and check if any issue comes up.
Please feel free to reply for any further questions. I will be glad to assist you.