How curious. Something similar happened to me this festive period.
After relieving myself of a nice satisfying stool and flushing, I proceeded to put my N95 in my jeans pocket. Somehow it missed and tumbled directly into the toilet bowl.
Without thinking, I instantly thrust my hand into the water and recovered my still illuminated phone. I immediately switched it off, flipped it over and ripped out the battery. I also stripped off the outer casing and proceeded to flick the phone into the sink which removed a LOT of water.
After dabbing dry and leaving for 24 hours, it functions perfectly. The only issue is some cloudiness behind the TFT screen. I may at some stage strip the phone down and clean that up. I would like to get another 4 years out the phone after all.
I might add I have never had anything like that happen to me before.