Suspect the damage was done by applying voltage to it without it being totally dry - probably shorted/fried something - the smoke sounds like FETs went. Doubt you'll be able to make it work.

When you get electronics wet, have to immediately cut voltage and dry thoroughly before hooking it back up, otherwise water shorts components out damaging them. Anytime I've had to do it, take it apart and sit it in car in the sun with windows up and let it bake for at least 3days. This has worked for wet rxs and a wine soaked keyboard x2. If you can't stand the time delay, take it apart and use evaporating motor spray - that will displace the water. The electronic components can still have moisture in them - heat with hair dryer or sit in car. Then if it doesn't work, it time to replace it.