Units exposed to water can have all sorts of weird problems occur,
especially in electromechanical devices like cd players where there are
very fine tolerances. Impurities deposited by the water , grit etc. can
find their way into connectors, transformers , and almost all other
places. If the unit is left as-is, corrosion and other problems can set
in.

Faults can take time to appear, even when the player has been dry for
considerable time. I have found that dismantling the device totally (as
soon as you get it away from the damp before rust sets in!), drying,
re-lubing, checking all areas for deposits and cleaning can minimize
the risk of problems. As you have found, reseating connectors is at
least a good place to start!

-
Ben