Yes, I understand it was stupid. I have a jailbroken iPhone 3GS with absinthe, and I used 'Reset all content and settings' via the settings app. It's now been stuck in the 'Spinning wheel of death' screen for about 10 hours.
Normally, just put it in DFU mode, it'll be fine. Here's the catch. My iPhone is water damaged, and the home button does not work (That's the only thing affected.) It also won't respond with my computer.
I don't have any important data on there, so I don't mind anything basically. My warranty is obviously void, and apple support is useless...
When water damage is involved, there's no telling what may or may be damaged internally. I would honestly think your only real hope at this point would be to take the thing apart and hope that internally there is a way to short the necessary connections to trigger the home button being pressed.
Otherwise, I'd just toss the thing up on eBay or wherever. There's bound to be someone who'd be interested in the LCD panel, maybe the glass panel over it too. I've lost count of how many people I've seen risking a really nasty gash on their ear or cheek by using an iPhone with cracked glass. Unless you have a great need for a new paperweight or doorstop, that would be the most useful thing you can probably do with that device.