Recently let my boat get soaked by accident. Anyways, the 55lb thrust Powerdrive V2 will turn left and right, display battery etc. only issue is that it doesn't spin the prop. meaning it is basically useless. what do I do? is it the foot pedal, or the motor?

have had two powerdrives. first was 15 years old before had trouble. Foot control is crap so puta copilot on it and never looked back. if it is like mine was it is the control panel . replaced it and worked great for awhile then age caught up with it so got new powerdrive. if have some one close they cancheck your control panel

Sounds like control panel inside,if your handy take sides off there are 2 wires feeding to the motor about 10ga, pull off at conectors, supply power to red ground to other , if motor runs it's the control right where you disconnected wires.  If not running need motor. Hope this helps

Ordered a new foot pedal hope that fixed the issue