Rma is for the length of the warranty, usually 2-5 years depending on brand and model. And yes you need a usb stick with the bios to flash.
But first, a story. When I first watercooled my q6600 back in like 07 or 08, I forgot a hose clamp. The machine passed the cold leak test fine(just the pump on), but when I tested cpu load temps the hose warmed up and slipped off the barb. My motherboard was sprayed with the full contents of my water loop while powered on, while I was at work. Water covered my motherboard and graphics card. I came home and found that, and stripped it apart to let it dry. Left it on the table overnight with a fan blowing on it. Next morning it still didn't work. Put it in a box in my closet and went to frys and bought a new (cheap) cpu and motherboard.
Ran that for a week, all the while being bitter and frustrated because the new mobo just didn't clock as well, but my q6600 had lived. I tried the cheap dual core in my good but water damaged motherboard one last time before throwing it away as a lost cause, and after a week in my closet, it worked. Im not sure how much time between the 12ish hours i gave it overnight and the week or so it got that it really needed to dry, but it clearly took more than 12 hours. Put the q6600 back in and that worked too, that board kept my q6600 at 3.85ghz for some 2 years after that incident.
It's freaking hard to get a motherboard dry without baking it (literally, like in an oven) or just leaving it sit somewhere for a whole lot of time. Because the water can get trapped behind heatsinks, by thermal pads, under the cpu clamp, and all kinds of other places where it won't do anything, unless it moves. Mabye there is just enough under one resistor to lower resistance like the pencil tricks of old or any of a thousand other things. But if you just got your motherboard wet last night or today, you simply haven't given it enough time to dry yet unless you stuffed it in an oven or under a heat lamp or something, which poses it's own risks.