|water is an excellent conductor|
Actually water is a very poor conductor. Distilled water is almost a pure insulator - that is why we top of out vehicle batteries with it.
What makes water dangerous around electricity is the impurities that are dissolved in it and being dissolved in a liquid they tend to get everywhere. Consequently a glass of beer is likely to be far more damaging than a glass of drinking water.
With electrical circuits corrosion is likely to be the biggest problem when water is spilt. It doesn't take much to corrode a piece of metal of few microns thick. Consequently when any liquid is spilt on electronic components it should be stripped as far as possible. All excess water removed and left to dray in a warm atmosphere for a day or two.