Crap is my P4PE Dead?

Dammit. My mobo get wet yesterday after instlaling my wc loop. I wasn't worried because I've gotten it wet before and it always worked after drying. Unfortunately, this time, I've let it dry for 24 hours and it still won't start up. I get the LED lights on but nothing else happens. Also, I just noticed this. WHenever I turn the power on to my PSU, the southbridge gets really hot, I mean really hot. I can hold my finger there for like 5 seconds before it gets too hot to hold there. Is my mobo dead?

Tragic. I don't believe that water would damage it if it's a) not much and 2) allowed plenty of time to evaporate.

That said, if it's the case that you've irreparably damaged it, I doubt it's the kind of thing that Asus would spot if you RMA'd the board. Send it back and you could probably expect a quick replacement.