Cell Phone Wet?

Turn the phone off.
Remove the Battery and SIM card. The quicker you do this, the better. Even if the phone isn't salvaged, your SIM card might survive. As for the battery, it's less likely to keep working. If the phone was in salty sea water, carefully rinse it with fresh water before drying.
Dry it. First, use a towel to dry the phone. Then use toilet paper and an ear pick to reach the places a towel can't.
Let it Rest. If the inner circuits of the phone are wet, it can cause more harm to turn it on before they're dry. Follow these drying guidelines:
Let the phone dry for at least 3 days.
Keep it uncovered in a warm, dry place.
Don't try drying it in the sun, the oven, the microwave or with any appliance that can possibly melt it.
Try using any absorbing substance that will not harm the phone, such as Rice, Ungrounded salt or Silica packs that come with Vitamin packs, Clothes and Electronics.
If the screen is still foggy after 3 days, wait a few days more.

Try turning it on. If it seems dry and ready, re-attach the battery and SIM card and turn it on. If it doesn't work, you can either attempt to dry it more or take it to the manufacturer. Note that it's possible for them to know if the phone has been dropped in water due to special stickers that respond to water. Warranties, unlike insurance, don't cover water damage.

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