I recently managed to throw my mobile in the bath. Now I wouldn't recommend this behaviour but I am pleased to say my phone has had a miraculous recovery from this near-death experience.
Here's what you do if you ever manage to drop your phone in water:
1. Remove it immediately. (If you don't do this one the rest is a waste of time!)
2. Remove the battery. (Don't pause to turn it off)
3. Dismantle the phone as much as possible and put it in a warm place to dry
4. Leave if for at least 12 hours (some websites recommend up to 72...)
5. Only when you are convinced it's been dried completely turn it on again and see if it works.
The key is that water shorts the circuitry and if you can get the battery out before the water's managed to seep into the phone itself it will be fine as long as it's completely dry when you switch it back on.
Just thought this might help anyone out there who's as stupid as me...!