[jyl]

the iPhone has moisture sensors so apple knows to deny warranty coverage for phones that have been damaged by moisture. The moisture sensor does not, by itself, disable the phone.

Letting the iPhone dry out may not work, since there aren't a lot of openings. But worth a try. I'd use very low or no heat, a fan, and figure you have at best a 50-50 shot. Do not power it up for at least 2-3 days.