Over the years I have discovered a few ways for restoring these electronic gadgets with a pretty good success rate.  Thrifty repairs have come to be very common these days. [what isn’t in this economy]
these 6 steps for reviving your cell phone will hopefully work in your situation and save you a pile of money by using your own sweat and cleverness.

All right then…Here are the 6 steps on how to fix water damaged phones:

Step Number 1. Take the battery out of the device. This is vital, and you need to do it as quick as you can, even if you are not going to follow these 6 steps, its necessary to remove the battery if you want any chance of reviving your phone.

Step Number 2. Get hold a container a little bigger in size than the cell phone that can hold liquid.

Step Number 3. Take the battery cover and other compartment covers off, so you'll make sure to get the liquid into all areas of the device.

Step Number 4. Put your cell in the container and fill the container with Alcohol to the top, make sure you completely submerge the phone. The alcohol will force out any water that's remaining.  Wiggle the container around for a couple of seconds to make certain the alcohol can do its job of forcing out the any water droplets left in the phone. 

You might have to put something heavy on top of the phone so it stays submerged. Keep it in the alcohol solution for at least 5 minute, you can change the time based on the results you get and can repeat this step if you aren't completely sure you got all the water out.

Step Number 5. Remove the device from its alcohol bath and place it somewhere to dry for a couple of hours. The alcohol will evaporate really fast but make certain it’s actually dry. Q-tips are very helpful for getting in and soaking up any leftover liquid and to make sure you’ve got the phone clean.

Step Number 6. Now put you phone back together and hopefully you're good to go.  If it still doesn't work you can repeat this steps 3, 4 and 5 or try one of the alternate methods below on how to fix water damaged phones.

These are more in length fixes to try that will take some time but have been used with good results by a lot of folk in a pinch.  Give one of these a try if the alcohol fix doesn't get your phone working.

Alternate Fix Number 1. You can try a commercial product like a Dry-All Wet Cellular Phone Emergency Kit to remove the moisture.

Alternate Fix Number 2. Put your cell phone in a big Ziploc bag that's filled with dry rice. The rice acts as a drying agent to get rid of water from the air and helps in drying out your phone faster. This would be an overnight fix rather than an hour or so.

Alternate Fix Number 3. Put your cell phone in a sealed plastic container with a Dri-Z-Air device.  You should be able to find one of these drying devices at an RV store or at most hardware stores. They are basically a plastic container that holds the special drying agent.  It will get rid of a large amount of moisture.

Alternate Fix Number 4. Using your hair dryer, just make certain that you’re careful not to get it to close to the phone and melt some components.