Follow my steps and possibly your phone may work again. Otherwise if it does not, if you have insurance on the phone then you can get a new phone at discount price. Warranty will not cover the phone since water voids the terms. You could also try a new battery in the phone & that *may* make the phone work again. I know when I got my phone wet before it wouldn't work properly. Then tried a new battery for the phone.It worked fine then.
(1) IMMEDIATELY REMOVE THE BATTERY. VERY VERY IMPORTANT!
(2) As soon as possible (preferably within 20-30 minutes). dissassemble the phone using Torx T6 screwdriver. (Get this off eBay or service depots, etc) Make an emergency trip to Sears/RadioShack/ACE/service depot/etc.
(3) Clean/dry as much as you can, using Q-Tips
(4) Dry the electronics components under a desk lamp on a paper towel for 24 hours.
(5) Use a blow dryer, set on warm. Blow dry the phone. Make sure your battery and sim card are out of the phone.
(6) You can also leave the battery and sim out. Leave your phone out in the sun. Let it dry.
(7) Put your phone in rice for 24 hours w/ battery and sim out
(8) Reassemble the phone
(9) Put back together
(10) Only now it's safe to put the battery back in.
I dropped my Droid in some water and it seems dead. Can I hope that it will dry out eventually and come back to life?