Don't throw it away! Buy a pair of rainforest killies and put them in the tank with the bottom half filled with the sphagnum and the top half filled with water sprite. I know folks who have been very succesfull with Aphyosemions and Rivulus species in such a set up. The sphagnum will take some time to become water logged. Plus you'll see the water cloud up from a bacterial bloom. Add the fish after the bloom. Oh, it's best to feed live food in this set up as flake food will fould up real quick. I know of one guy who would feed daphnia and bloodworms, and the bloodworms ended up colonizing the moss! Also, watch your pH as it can crash quickly. Frequent water changes are the key to prevent this from happening.
Acyually, it would be interesting to see how Apistos would do in this set up.