Pooling condensation from a cup of ice water found it's way into the dock connector of my charging iPhone. Fried the AC charger and dock connector but luckily the iPhone still functioned. However, it needed a new dock connector if it was to be charged or synced ever again.
Repair went good. Had all the proper tools ready, clean workstation. Most complicated part was keeping all the screws straight, which I did by writing the step number and screw size on thick cardstock and putting the screws through a pinhole below.
Sadly, the home button ribbon cable ripped while it was being removed. Turning on Assisted Touch on the Accessibility menu has given me a virtual home button I can use until I can fix the broken home button cable.
Be VERY GENTLE with the home button ribbon cable. It tears very easy.