The best thing to do is take the battery out as soon as possible.
After drying the battery break the phone down as far as it will go. Take off the covers, etc. Then rinse all the parts in distilled water and let air dry in a warm spot. When everything is bone dry put it back together and see if it works.
Electronics are a lot more durable than most people think. Especially with low voltage applications like cellphones, gps receivers, etc. The largest point of damage is the battery, so dry it as soon as possible. But never with direct heat! Air dry only for all components.
BTW, yes I have done this before and it did work afterward.
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"Empirically observed covariation is a necessary but not sufficient condition for causality" - Edward Tufte
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