Well, I have dropped my cellphone in water bunch of times before and all I had to do was to let the phone dry for about a day or two to make it work again. If you dropped your phone in water, you might want to consider dipping it in a bowl of dry rice and the rice will absorb any water remaining in your cellphone.
The most important thing to remember is to avoid heat. That means no hair dryers, ovens, microwaves or extended periods in direct sunlight. While heat will certainly evaporate the moisture, it could also warp components and melt adhesives. Those fragile glues are also why you’ll want to avoid dunking the phone in rubbing alcohol (an oftprescribed tip on the Web). Alcohol is a solvent and can dissolve the internal adhesives. (If you drop your phone in the toilet, it’s okay to wipe the outside with alcohol to disinfect it.)