Dropped my iPhone in water
I dropped my [brand dang new] iPhone 3G in warm water only briefly; I pulled it out immediately. I tried to dry its surface and shake out any/all water and then laid it on a flat surface with my hairdryer on the cool setting blowing directly into the bottom end [where the button/plug-in end are].
In the meantime I alternately cried and cursed and prayed, which helped, I believe.
After about 10 minutes, I checked it, and it seemed fine. The screen's lit, and it indicated low battery, which it had before the unfortunate incident, so I plugged it in, and everything [knock on wood with me, folks] seems okay, so far. Best of luck to you all. Otherwise, send $600 ... ?