Unfortunately, this should be considered inconclusive due to the fact that Spongebob's Regenerationn is on par with Ryuko's, and in ways, surpasses it. If Ryuko and Spongebob were allowed some more of their equipment, then maybe an victor could be determined, but as this stands now, Spongebob's power is simply unable to do much of anything to Ryuko, but Ryuko doesn't have enough to actually put Spongebob down due his Regenerationn abilities.
Also, incap would be impossible as Spongebob is simply unable to incap basically anyone, and if Ryuko was to attempt to incap Spongebob, he could simply shape his body to escape. And regarding the whole water thing.... Spongebob's need of water is VERY inconsistant so it is overall unknown how much time Spongebob would have before dying of dehydration if he was to lose his water supply.
So as this stands now, I vote INCONCLUSIVE
(And yes, I know late replys like this to irrelevant things are stupid, but I just thought of this and wanted to get it out)