Could you fill in some details?
The behavior you describe - searching for PB*.* files when you start up the phone by pressing End (Power) + Vol-down simultaneously is normal - there are no "missing files". In fact, this is the way that you would start the process of rooting your phone - by putting the "root PB00IMG.ZIP" file in the topmost folder of your SD card.
Are you saying that if you just press the power button to start the phone, nothing happens? (Or something else?) Or that it always goes into HBOOT mode, whether you do anything with the volume buttons? What about if you press "Vol-up" to go into recovery from HBOOT? Do get a graphic which shows an exclamation point inside a triangle?
The USB cable is not needed at the beginning of the root process (if you have some way to get the root PB00IMG.ZIP file to your SD card without using the phone - for instance with a SD media reader connected to your PC). Even if you did not complete the rooting process, you would have a phone which boots; but before we get that far along - what did you try that convinces you that the USB cable isn't working? (Did you ever use fastboot with the USB cable before the H20 accident occurred? The PC device driver for that is different from the driver used for mounting the SD card and needs to be explicitly installed before you can communicate between a Windows PC and "fastboot" running on the phone.)
If you are planning on throwing the phone away and eating the loss, then there's nothing to be lost by trying to root the phone.
But, frankly - I'm sort of skeptical of thinking that somehow everything is OK with the device and it just got "unprogrammed" - that seems a little too "neat". The reason I say that is that is that typical damage that occurs when an energized phone gets wet is physical damage - if physical damage occurred to anything involving the Flash memory or application processor in the phone, then the HBOOT prompt would probably never appear at all; that code needs to be fetched from and run on the same physical device(s). (Although there are all some scenarios, such as damage to a chip select line of stacked flash memory chips which would allow some addresses ranges to work, and others to fail).
OTOH, if something happened to the electronics which sense switch states (Vol-up, Vol-down, Send, Trackball-press, End), then it is possible that the phone never attempts to boot normally because it sees one of those switches in a strange state when you press the power button. That would be consistent with having undamaged flash memory, but failure to boot. (A depressed trackball wouldn't cause a boot failure BTW, but it would cause the Eris to boot into "Safe Mode").
Anyway, I realize that this is more questions than answers - but it helps if you can provide a few more details.
eu1
PS Don't try and install a "leak" ROM unless you previously installed a "leak" ROM - doing so is merely making a bad situation worse. If you still have 1.5 on the phone, and you want to try a "last ditch effort" experiment, you may as well use the "root" PB00IMG.ZIP file. If by some miracle it corrects the problem, you'll be happier with the outcome.