Original post by: Chris Stables ,
This will not be a simple process as the baseband or and its circuitry have been damaged. 1) Disconnect the battery as soon as possible. 2) Take the board out of its housing. 3) Remove all the shields from the logic board. 4) Make a note of where the water went. 5) Clean the board with Isopropyl alcohol. 6) Put the board back into its housing. 7) Put another good battery in and see if it boots without restarting every few minutes. Check cellular functions. If it is still searching for data I don’t think there is much more you can do but get it looked at by a repair shop.