[Bralgar]

First thing to do if that happens is to NOT turn it on. Always take the battery out and let the phone dry out. A hair dryer is a good idea. Electronics aren't really effected by water until electricity is applied, and that is when you run the risk of shorts and that is what will kill it. Just keep it warm to help dry it out.

I lost my LG Muziq after dropping it in a gallon can of dirty lacquer thinner at work (I'm a painter) it was totally submerged. After fishing it out, I immediately took out the battery and sd card, opened the i/o port cover and used an air blower all over it to dry it out (granted thinner dries faster than water, and isn't really conductive) put it all back together and it worked for about an hour. It had nasty thinner stains trapped in between the back light and lcd that shaded the screen but it still worked......but for only an hour. After that the screen wouldn't come on anymore but I could still hit the talk button and it would dial the last # dialed, lol.
What really surprised me was the fact that nothing on the phone melted, nothing. The ink inside the battery compartment came off though (the bar code sticker with esn and such) and that was it. I was up for renewal anyway so that is when I got my mogul.
Just the other day though I put the battery back in the muziq and it powered up, screen and all, but no sound. The speakers must be gummed up lol. Oh and the camera only shows a white screen otherwise all buttons and menus still work.