fell in water and will not turn on

@just_ that is a depends. If it is only the logicboard that is shorted out then yes. If there are any of the peripheral device that are shortening out the logic board, then no. You did not tell us anything about what you have tried to repair your phone and to test it. I'd start with this.

The very first thing you want to do is to not try to restart the phone. This may further damage your phone. you also do not want to try to charge it any further. The next thing to do is to clean it. Disassemble your phone using these guides. Once it is disassembled, you do need to clean it properly. You will need high grade isopropyl alcohol and a soft brush. Use this guide to see how to clean it. Even so it was written for a 3G all the points are still pertinent to your phone. Do not forget to remove the EMI shields for proper cleaning. While you are cleaning it, check for any broken, missing or burned looking components. When it is properly cleaned, replace the battery. All these steps are to avoid delayed failure caused by corrosion. Once all this is done, reassemble your phone and reevaluate.