PANIC!!!!!!! Just kidding, it's really not the end of the world.
I dropped my blackberry in my cat's water bowl on Thursday and had a heart attack (or maybe just a heaping dose of adrenaline). It's my work phone which is NOT covered by insurance. I quickly snatched it out of the water after being completely submerged for what felt like an eternity (really only 2-3 seconds). Then I frantically googled search strings like: "dropped blackberry in water" and "will I lose my job for breaking $400 work phone". I found this simple solution and I want to share it with you in case you are ever in a similar situation.
1) Turn off the phone, remove the battery & sim card
2) Find some dry uncooked rice in your kitchen
3) Cover your phone, battery and sim card in the rice and shake gently
3) Leave the phone in the rice for 3 DAYS (no exceptions)
Now my phone is working perfectly thanks to a container of basmati rice. Here's the most important step of all: I don't care how nervous you are...DO NOT turn your phone on for three days. Otherwise, curiosity may end up killing the phone. Any moisture could fry the electrical pieces. It was the hardest three days of my life. I had to physically walk to my computer to check my e-mails. It was like living in the Stone Age! Haha....kidding! (Kind of)