Yes and no. It doesn't change how much current a component
can carry, it changes how much the component
is carrying. Water is unfriendly, because it's chaotic and random, and causes numerous short circuits throughout a device. Ultimately, it's just changing the current path. That might be catastrophic, or it might not.
Here is a simple amplifier as an example:
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The big resistors on the left control the base current into the transistor, which determines how much current flows through the 10k resistor. The voltage drop across that resistor determines the Collector-Emitter voltage. (These terminals are where you hook up the speaker.)
Now we're going to short out the voltage-divider circuit.
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The two big resistors have been removed from the circuit. The base current is now huge, which melts the transistor. The current through the 10k resistor is somewhere between 100*huge and 150*huge, which melts that resistor.
If the short gets moved to a different spot, however...
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The 10k resistor is out of the circuit. The large resistors on the left aren't. The base current is unchanged from the original circuit, which means the short circuit current is the same as the current that would have been flowing through the 10k resistor originally. The Collector-Emitter voltage changed. As a result, the device isn't going to work properly, but nothing is damaged. You can run it like that all day, listening to distorted-sounding music. Dry it out, and it's as good as new.