Simple answer: No.
Complex answer: Spicy foods do not actually damage the taste buds, they simply high-jack the cells into sensing pain (which is why your whole tongue feels heat, but not salty, sweet ext.) The material is so concentrated that all your taste buds aren't yet able to contact and sense other tastes. Consuming dairy products (milk/yogurt) is the best way to rinse them away. Water just washes them around intensifying the pain, bread might detract the cells, but ultimately is the same as water.
Your tongue is constantly shedding cells; soon (30-90 minutes) all of the effected cells will have been replaced with new ones and you will have taste back.
Also, the reason you can smell is because the heat contained in peppers effects only taste buds. However, since the two senses are closely connected, it often causes your nose to run. Spicy foods such as mustard or horseradish are considered aromatic spices and when they come in contact with your tongue, release a gas that goes into your sinuses and causes you to feel heat. The sense dissipates quickly because it is not attached to your tongue, which is the case with peppers; however will clear your sinuses ever more effectively.
[This message has been edited by Renegade blob (edited 08-01-2010).]