What is wrong with my Peace Lily?

I water it, and the water just comes straight out the bottom. Even a 1/2 cup of water for this 9" containter will filter straight through. The water stays in the tray, but over the next couple of days is absorbed into the plant. This all happened after a couple of days of over-watering from trying to get those stupid "Aqua-Globes" to work, which i promptly returned to the store. What can i do to get this to stop happening? Is my plant dying? Do i need to repot it?