I submerged my iPhone and was able to return it to pre-submersion status
Was at my lakehouse standing on the dock and my cousin's 160lb dog saw a boat and ran down to chase it, knocking me in the water. I hadn't had the phone for 3 weeks.
Here's my step-by-step solution to saving a submerged iPhone:
1) Immediately turn off the phone. DO NOT, UNDER ANY CIRCUMSTANCES, TRY TO SEE IF IT STILL WORKS. iPhones, unlike other cell phones, have much more and advanced circuitry that can fry the phone if electricity is running through it while it is wet.
2) Dry off the phone with a towel, T-shirt, whatever you have that will soak up excess water on the outside of the unit. Turn it right-side up and then upside down while gently shaking it to remove any excess water that may be trapped immediately inside the unit. DO NOT BLOW INTO ANY OF THE OPENINGS, this will only force water further into the unit!
3) Remove the SIM card slot at the top of the phone. This can be done by sticking a paper-clip or thumb tack into the pinhead-sized hole next to the headphone jack. The slot should just pop out but may stick since it is probably still wet.
4) Unless you have silica drying packets (you usually see these packed with new shoes and are designed to absorb moisture), take about a cup of dry, white rice, put it in a plastic bag (zip-lock, if you have it), and place your iphone in with the rice in a dry place (not in the sun!). Leave the bag open. The rice will act as a drying agent, sucking moisture out of the unit. (*Note: do not use brown rice unless it's all you have, as it tends to leave a dusty residue that can get inside the unit).
5) Leave your iphone in the bag for 2 days.
6) On the 3rd day, place the bag of rice with your iphone on a piece of warm electronics. I put it on the warmest part of my laptop. The gentle heat will help to evaporate moisture in the unit. Be sure your laptop is not turned off and does not hibernate while your iphone is on it. Leave it there for one day.
8) At this point you will probably notice moisture has collected on the inside wall of the plastic bag. THIS IS GOOD. This means that water that was previously inside the unit is now outside the unit.
9) Remove the iPhone from the rice bag. You will no longer need the rice. Wipe off the iphone and place it back on your laptop.
10) Leave it on the laptop for another 2 days.
***At this point I must stress the importance of patience. Resist any urges to try to turn your iPhone on until it has gone through the above steps. It needs at least 5-7 days to dry out, no less.
11) Try to turn your iPhone on. Unless it was submerged for more than 10 seconds or you did something wrong, it should work fine. Every feature on mine worked (Buttons/Switches - on/off, volume, silent/ring, home; Touchscreen; Phone - speaker, microphone, bottom speakers; Wireless; Camera, etc.)
Even though my phone works I still have an appointment at the Apple Store GeniusBar tonight to see if they can do a diagnostic and tell me my options regarding any problems I may have in the future as a result of my negligence, etc. I will post the outcome of my appt.
Hope this helps.