YIKES! Water heater problem!

Okay...my electric water heater stopped working this morning. I know nothing about water heaters, but figured I'd at least take a look at it to see if there were any obvious problems. I opened up the top panel, noticed a red "reset" button, and thought "Ah! Maybe my water heater just needed to be "reset!""
Well, when I pushed the button, all hell broke loose; Sparks all over the place, smoke boiling out of the insulation like there was a party of cuban cigar afficionados lounging around inside, even a few flames shooting out. It was like a miniature 4th of July. I scrambled back to the breaker box, and shut it all off.
Now, obviously I'm less than happy, but I haven't a clue what just happened. Is my water heater ruined? What should I do?

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