is there a way to repair my ipod touch from water damage

First, have you tried drying the iPod like shown here:

How to fix a wet iPod or iPhone | eHow.com

That works sometimes.

Apple will exchange yours for a refurbished one for a fixed price.  That price is:

Apple - Support - iPod - Repair pricing

A third-party place may be less expensive.  Here is one.  Google for more:

DigiExpress.us - The iPad Repair Professionals

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