Take it out of the rice. IT DOES NOT WORK This is a myth that really has to disappear. Skip the rice. It is absolutely useless.''' It will not help you fix your phone. All it does is that it provides a false sense of security. It will not clean your phone, it will not prevent corrosion.
Second, stop continuing to try to charge, sync or otherwise use your phone. This potentially can make a bad situation worse.This may further damage your phone.
The next thing to do is to clean it. Disassemble your phone using these guides . You must remove all EMI shields. If you do not remove those, you might as well not do anything. After you removed those, clean the whole board, connectors and all with +90% isopropyl alcohol. Follow this guide , and even so it was written for a 3G all the points are still pertinent to your phone. While you clean your board, check for any obvious damage, like burned or missing components etc. When it is properly cleaned, replace the battery. All these steps are to avoid delayed failure caused by corrosion. Best thing to do would be to clean it with an ultrasonic cleaner, but if you do not have access to one, this will at least help. Once all this is done, reassemble your phone and reevaluate. Until it is cleaned, everything will only be a guess. Even with all this, water damage has only a small chance to be fully repaired, but at least you can give it a try. If you turn it on it may function without any issue or it may eventually shorten out and you may have bigger issues. Bit of a crapshoot.