Well "Safe Mode" restricts what can and can't be done on the device. This is to keep anything that is causing a problem from continuing to do so when in that mode, hence safe.
However, if the phone got wet and you didn't give it sufficient time to dry out (which is a lot longer than people think it is) and didn't remove any SD cards, SIM cards, batteries, etc., you can really damage the device.
If you can, I would let it dry for a while. Longer if it was submerged in water (like 5-7 days for that). Yes I do mean days.
You can, if you do plan on getting another device, connect your phone to say a computer and copy all your personal stuff over to the computer. That way you won't lose it all should the phone die or stop working before...