I got pushed into a swimming pool on Fathers day. While the dip was refreshing for me, not so much for the iphone in my pocket.
I put the i-phone in a bowl of rice and ordered the opening tools, screwdrivers and battery from iFixit. The repair video was excellent. I removed the back and battery, dried some moisture I found inside and put it back in the rice bowl without the cover or battery for another 36 hrs. I then popped all the connectors and scrubbed them with rubbing alcohol and q-tips. I let that dry for a few minutes, inserted the new battery and re-assembled the i-phone. After syncing with i-tunes, it looks like it never took a dunk!
I should have removed the back and battery before putting it in the rice bowl. It would have saved some drying time. In my defense, I didn't have the tools at the time, so I didn't have a lot of choices.