@maxtab take it out of the rice. Rice is great food but it is not a tool. It does not work. It does not stop corrosion nor will it fix your phone. Rice as a desiccant is a myth that has to disappear. This site has long advocated for that.
The very first thing you want to do is to not try to restart/sync or charge the phone. This may further damage your phone. Remove the battery.The next thing to do is to clean it. Disassemble your phone using these guides.. You must remove all the EMI shields of the logic board. If you do not remove those you are not cleaning the board properly. Clean everything with +90% (no less than 90%) isopropyl alcohol. Follow this guide, and even so it was written for an Apple iPhone 3G, all the points are still pertinent to your phone. Pay particular attention to the SMD components, check for charred missing or broken missing. You can then dry the board in an oven or equivalent at 220deg F (not higher;-) for a few hours. Best way to clean it would of course be through an ultrasonic cleaner. Consider professional help with that When it is properly cleaned, replace the battery. All these steps are to avoid delayed failure caused by corrosion. It does not matter how long your device was exposed to the water. What matters is where it was exposed and which part got damaged. Once all this is done, reassemble your phone and reevaluate. You can only determine what has failed and what does not work, after you cleaned the phone properly.