My son's touch-screen feature phone went into the water briefly last summer. We put in in a baggie filled with rice and some silica packets for three full days, and bought a brand new battery.
It worked when first powered on, but not well. The display was flakey and you could not trust it to work reliably. I've had the same experience with a compact camera - it worked ok, but the display was not quite right and then the images were never right.
If the rice trick works, that's great, but I would be prepared to buy a new phone.