DONT TURN IT ON FOR A FEW DAYS. leave it in the bag of rice and power it back on in a few days. If you still have problems you might need to replace the speaker assembly. Search this forum for "water damage" or "liquid spill", you'll find dozens of threads with helpful ideas.

It is important to not turn on electronics after it has touched water. However if you want a different item than rice to tuck your electronics in you can try the Thirsty Bag.

Before you do anything insure that the device is completely powered down!

Go to the grocery store and buy the zip lock bags for the freezer that you can vacuum the air out(it works with water too). Place your iPhone or other electronic device inside and add rice too(it will capture the water as it is drawn out of the device). Now close the bag and start using the vacuum. Go back periodically and use the vacuum more. Two or three days later remove the device from the bag and gently warm the device(no more than 100 degrees). After a day of that you device should work. If not sell it to a repair shop and buy another one.