Our half-sisters twice related through marriage, Lifehacker, points out a nice tip for salvaging a cellphone that has taken a plunge in some water.
"I took the phone home, removed the battery and put it in the oven for a good bake on the "warm" setting, followed by a half hour in front of the blow dryer. It sprang back to life."
The Lifehacker commenters continued to discuss other methods of cellphone drying that include methods such as submerging in rubbing alcohol, salt-water and just letting it air dry. My best advice: don't combine bodily functions with cellphone chatter and never bring your cellphone to a pool party/BBQ that includes alcohol.
MacGyver Tip: How to recue a drowned cell phone [Lifehacker]