Water damage - dead - clicking sound while charging
I have gone snorkeling with my iPhone 5 in the well trusted and tested Buffalo waterproof case I have except that this time I forgot to fasten it :(
By the time I realized, I've swam about 5 minutes. The screen was still on, very little water touched the device as it was covered after all. I noticed some water under the case (few drops squeezed up against the display all smeared) and I removed the phone right away. The screen was already off and the phone started heating up. It stayed like that for 1 hour approximately and then slowly cooled off. I waited two days and then tried charging but to no avail. I then realized if I put my ear very close to the charging connector, I hear a very subtle clicking noise TIK TIK TIK, quite frequent TIK's one another. When I remove the cable, it goes silent.
Apple wants 280 USD (Japanese equivalent of that) to replace the phone and wouldn't say what's wrong with it. I have the toolkit and am ready to take it apart but I'd like to know what I should be looking for? If the logic board is gone, I'll just leave it the way it is. Any thoughts?
EDIT: The phone was partially fixed thanks to oldturkey's instructions. I've taken it apart, cleaned it with alcohol and put it back together. The top part of the phone was badly damaged and anything that sits there is broken. This means I have no speaker (at top), front facing camera and proximity sensor. The vibrating motor also died. The rest of the phone is good though, I just have a slight problem with the screen which was a result of me cleaning the cables with alcohol while holding the screen on top of the container (full of the liquid). The fumes must have evaporated right into the screen and this caused some damage. I uploaded this image to show what it looks like, this was right after I assembled the phone. It since started to "heal", 2 days after the operation, the screen looks a heck of a lot better but still have some white spots.
Is this a good question?