This article explains what to do if your iPad gets wet.
There are two different types of water damage when it comes to an iPad, and thus there are two different responses that you should have to it. The first problem is simply spilling water on the iPad. This involves similar hazards, such as accidentally spraying the iPad with a hose. The second type of problem is dropping the iPad in a large body of water, such as a bathtub, a pool, a lake, etc. The main reason for failure in this case is due to the battery corroding, which does not happen instantly.
This is where you really hope that you have a good case to protect your device. Believe it or not, the iPad is relatively water resistant. The exterior of the iPad is dominated by the glass screen and aluminum casing, which gives water almost no chance of getting inside the iPad. Even the edges are unlikely to let water in from the moment you spill something on it to the moment you wipe it clean.
There are a few more points of interest: the speakers, the headphone jack, the Lightning connector, the volume buttons, the sleep/wake button, and the home button.