This article was sourced from YAHOO! ANSWERs…. which ive copied to my blog to share with others..
whatever you do immediately take your phone battery out. the reason why our phones stop working after its in the water is because you try to turn it on again without letting it dry and the battery shorts the phone. now u have to be patient this si the ONLY WAY. u have to put ur phone in a bag of rice..i know this sounds crazy but the rice sucks up all the moisture..leave it there for 2-3 days…WITHOUT turning the phone off..that is crucial. and then try to leave it on something warm like a tv…i did this and i turned my blackberry on and it works PERFECT. i swear it was even sitting in water for over 30 secs. GOOD LUCK..
and whatever you do..DO NOT CHECK TO SEE IF IT WORKS…wait at least 2.5 full days. good luck