I had a similar oopsie with a Droid Eris a couple years back. Total submersion (only for a few seconds though) and like an idiot I immediately cycled the power (it was on when it got dunked) and got a scrambled screen. Took it apart and dried it out as best I could, turned it on AGAIN and got the same thing, so I put the phone and it's battery (separate) in a bag of rice, sealed it and let it sit for 24 hours. The next day I dusted it off, put it all back together and powered it up-- and it worked just fine (and still does actually). If the rice trick worked for a last gen phone like the Eris, it should work for the Razr M. Only caveat is not being able to open the phone up to get at the inside, but maybe leave the phone in the rice for an extra day to make sure? Looking forward to your update!