I blew up my arduino :/

So ive been working on a school project integrating my mega 2560 with two motors that are run through a motor shield. I was using 1 12v battery to drive both the motors. I attached the same battery to the Vin port of Arduino to test my code. Some how i got a short and saw a spark, smoke etc. I can turn on the processors using power from the USB but not Vin or the DC jack. It also looks like a small chip (RUE 117-5) on the board now has a little bubble. Is there anything I can do to correct my blunder (remove chip and re-solder a new one) or am I S.O.L?

Thank you for you help.

P.S. Not sure if this was the right spot to post my question.

Thats the 5V regulator. If you are careful you can remove & replace it.