The bootloader is used to flash apk, sbf, and pretty much any other supported format of software to the phone using RSD Lite and sbf files. It is used as a stepping stone to rebuild your device's file structure or as a tool to deconstruct original manufacturer software. Here there is no operating system just your basic USB driver and your linux kernel which is what android uses to live breathe and be awesome. Now...
There are two scenarios:
1)your device is running bootloader only when plugged into the USB port and once it's unplugged it functions normally
Or...
2)your device is unplugged and showing the black bootloader screen.
The first scenario simply means you have USB debug mode enabled in your application settings and all you have to do is turn that off since that mode allows your device to receive programming code, useful if you're a developer or overly knowledgeable end-user (
like me. Not so much if you're not. Simply go to HOME SCREEN, SETTINGS, APPLICATIONS, DEVELOPMENT, and UNCHECK THE BOX
The second scenario is actually quite serious and more than likely (unless you've been making backups either though google, backup assistant, mobile recovery, simply copying files to your SD card, etc) all of your settings, any free apps and any contacts not synced with google are lost forever (or until you manually enter them into your new device). What most people don't realize is that your SD card is safe from any system restore, system crash, etc and has enough space on it for you to make regular backups (managed to prevent un-needed clutter) Astros File Manager in market is an EXCELLENT utility and the paid version is well worth the few bucks. Your conracts shold be safe through google and all PAID apps are saved on the market servers.
Now, if you dropped your phone in water and you're getting the bootloader then open the battery cover and look to see if the water damage indicator has been activated, it will be completely red instead of red with a white x. Note: Verizon does not cover any water damaged devices under their warranty, if you're insured through assurion I would contact them.
Now here's what you're going to attempt to do:
1)access android recovery
2)perform a nandroid restore
Now, i have never accessed the stock recovery on either device so i dont know what options are available if any without superuser. If you can, try to do a nandroid restore. If not then you can try to flash a stock recovery using RSD Lite and then a stock froyo rom. Stock recovery and ROM images are available on the internet. I will not refer to any specific site. If that doesnt work then you can try to flash a hacked recovery image which is basically your first step to rooting. The way i see it, if you got water damage youre paying for a new phone regardless so why not explore a little.
With ALL that being said, your average person isnt gonna bother messing with RSD Lite, sbf files, zip updates or nandroid recovery, they will simply take the phone to a store location and pay for a new phone because i know for a fact verizon no longer has localized technicians qnd utilize the quick exchangen method of tech support.