Get it out of the water before it is too late. That is the worse thing you can do because it could easily rot the stem. That is really small. Normally you wouldn't want to take one so small. I found an article that covers taking offsets. This may be overkill for such a small offset, but at least it talks about the very best way to go through the whole process.
http://cycadjungle.8m.com/cycadjungle/Most%20Frequently%20Asked%20Questions.html

Alright thanks, as I said my mother had no idea what she was doing when she took it off of the mother palm, but even though it's chances of surviving aren't to great I'm still gonna give it a try and hope for the best, I mean why waist a plant if there's even the slightest chance of success? Thanks again!

Actually, you have a good chance of growing that out. If it had a few little roots that got broken off, that still means there are little nubs where the roots were, and all they need to do is grow back out. The offset didn't have a big cut in it and that is usually the big problem when dealing with offsets. You probably want to cut that leaf off though. It uses up energy if there are no roots, and the small bulb size doesn't give you a lot of leeway. Still, it should probably be fine.