Red indicator appeared next to the speaker after flooding my 3gs - any hopes?

Hi, is my phone bricked. 3gs was flooded with rain while sitting in my coat pocket. It keeps on turning one tho i shout it down. Seems to be working properly apart from the screen is a bit less responsive. I am hoping it is cos of the phone being still damp inside. Are there any hopes? Plus there is the red light, have a look at the attached pic.



update:

Seems everything is back to normal. I did dry it for 48hrs, powered it up and all live functions are back. Happy days.