OP: I hope it works out for you!
Water is truly hard to get out of all the nooks and crannies of a phone. I accidentally put my old phone in the washing machine, and didn't realise this for a couple of minutes. It worked surprisingly well after drying out for a day or two with battery pulled. Alas! I did not use this opportunity to backup photos, texts and so forth, idiot that I was. Two weeks later the phone died completely, including frying the memorycard...
I have since then taken a vested intrest in the drying of electronics the only thing I've come across that people agree on is this: DO NOT TURN YOUR DEVICE ON FOR DAYS AND DAYS!
I realize it's a bit late for you, but it might help someone else. Here are some things you might want to try in an effort to dry your device as well as possible before turning it on (I will not garantee that any or all of these will not fry your device instantly

) :
- If you've dropped the phone in the sea, you really don't want to dry it as it is. The salt water will fry the electronics in no time! If the phone is really drenched, it's actually better to keep it submerged (remove the battery immidiately though) until you can rinse it in sweet water.
- strip the device apart as completely as you can.
- You MAY be able to get some of the water, and more importantly the salts in the water, out using alcohol (methanol or ethanol doesn't matter as long as you use as pure alcohol as humanly possible - you do NOT want any oils clinging to the circuitry).
- Then stick the phone in a bowl of rice or something similar (like the silca gel baggies you find when you buy shoes and stuff). Leave it in the bowl for a couple of days, occasionally exchanging the rice.
When you eventually reboot, IF it works, the first thing you want to do is BACK UP EVERYTHING you can get your hands on. After that it's just a matter of hoping everything is still working...