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 adhesiv