Yes it is possible, and has happened to many people. It's a real crap shoot though. Sometimes you get lucky, other times, not so much.
To improve your chances, I highly recommend that you do not try to power it on or use it at all until it is completely dry. Also, take it apart and separate the major parts, particularly the logic board, to allow them to dry properly. You can help it along with putting the parts under a cool air source like a gentle desk fan, just NO hair drying!
If iFixit has wonderful tools you can order and free take apart guides to help with the take apart if you need it.
--O
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