I've washed my usb stick twice... still working fine. :-)
I've salvaged 7-8 soggy cell phones. Soon when the method I've developed is recommended around the net you can tell everyone you heard it first from Plaz from Amiga.org. :-)
Here's what you do....
As soon as you can, take the battery and sim card out and dry them. Leave the battery cover off and put the cell in the freezer. Let it freeze for 30-40 mins. Then take it out and hit it with a hair dryer until its hot on all sides. Most phones will set on their sides, place the hair drier on the counter pointed at the cell, turn the cell every 5 mins or so. That way you don't have to stand around holding the hot phone. You'll see the moisture fog the display. Once the phone is very warm, back in to the freezer. Then repeat the heating. Repeat this cycle until the display no longer fogs up. (3-4 times perhaps)This means most of the water inside is gone. Now replace the battery, sim and cover. In all of my cases, the phone worked fine again even when it appeared dead to begin with. The owners of 3 of these had been told by their phone store they were unrepairable.
You can't let phone internals dry out on their own though, that can take many, many days letting corrosion set it. The hot-cold cycles force the inside of the phone to "breath" and clear the water before corrosion sets in. In every case I've done this, the phone has been wet for only a day or two. I've not had the opportunity to try it on one that was left to sit longer.
Tell every one they don't necessarily have to toss that wet phone in the trash.
Plaz