looks to be a bridge rectifier... meaning a square package with four pins, probably germanium. It should measure across two pins with ~ indications of a short which would be input + - should be measured back to forward ratio of .6 ohms using diode scale. If you get .5 its silicone. if you read a short anywhere between - ~ or +~ its shorted.
What is the issue with this particular board, had it gotten wet? is there obvious corrosion on the board etc.? If you got it wet while voltage was applied, there is a good chance it took other components out other than the obvious visible ones.
Also, is that the data connector near by, which would indicate its not a voltage regulator of sorts but perhaps a filter instead. Measurements should be made of a good known functioning board to know for certain. The components are not always going to read the same as if not soldered to the board or "in circuit" and should be read off board if possible.
I see now that is the Baseband Processing Circuit, where you are having this issue...
That is the Dock Connector to the right of the component your speaking of, I haven't found a closer image yet but here is one showing
more detail.