Water damage, phone wants to restore but error message

I left my iPhone 4s on my bathroom counter for 10 min, water spilled on the counter. At first, my home button was acting weird - going on and off when I wasn't pressing it and the screen was a little water logged. I tried to turn the phone off but it kept turning back on, I put the phone in rice and a few hours later the entire screen was water logged. I decided to disassemble it - I took the back off and looked under the battery to see if there was water there, there wasn't. I stuck it in rice again, but nothing helped. So I turned the phone on and plugged it into my macbook to charge because it had low battery and died and then it had the charger and itunes logo on the screen. iTunes wanted to restore it but error 2001 popped up. So I'm not sure if I need a new battery or what, and do I need a new home button too? Please help, I don't want to pay $500 for a new phone if there's something I can do with a little instruction.