I have an outdoor gcfi outlet that is tripped, red light is illuminated. I cannot get it to reset. I have pressed the reset button firmly and even held it for a few minutes. Is there anything else I can do?

Is it possible that the socket is conaminated with water? Also it could be that the recepticle has gone bad and its time for a new one.

Probably bad but there could be a ground fault somewhere downstream at another outlet if the GFCI is set up using the load side. Best thing to do is to turn off the breaker for the circuit, see if there are wires on the "load" side of the GFCI, and if so, disconnect them. Then turn on the power and try to reset. If the outlet stays on, you have a ground fault in the load side. If the GF will not reset with just the line wires connected, you have a bad GFCI. I have seen both circumstances.