Twice I've dropped my phone in water.
The first time it was into a toilet. The second time it was in a pair of pants that went into the wash. It went through an entire wash cycle and banged around in the dryer for a bit before I got it out. I still use the phone.
Each time, as soon as possible, I took the phone apart and placed it into an ice cream tub (you can use any resealable container) and poured white rice over it to completely cover it. I left it for 24 hours. Each time, it started back up and I could continue to use it (after, of course, thoroughly sanitizing!).
I buy my rice in bulk for around $.75 a pound. I use about a pound of rice each time. I use a crappy cheap phone that costs $50. My cell carrier charges $20 to switch phones. So I saved $140 for the cost of $1.50 of rice. I've heard that more pricey phones rarely recover from water damage (I don't have personal experience as my $50 phone is the most expensive one I've ever owned), but the payoff would be greater if it does work. It's worth a shot.