I dropped my phone in the water

It's not the water itself that's bad for electronics, it's things in the water. What kind of water was it dropped into? If it was a sink or toilet, it's screwed. If it was just unfiltered drinking water, it's 50-50, if it was filtered water, then you stand a good chance of having it work again.

Put it in rice. it should dry it outAcepaintballr-do not use your phone unless it has ample time to dry. Using it shortly after it was submerged will ruin parts of the circuitry. If it's not to late, take the battery out, set it in the sunniest window sill for a few day and let it dry out before you do anything else. If all get completely dry and nothing else is ruin, you have chance that the phone wil return to normal service.
http://forums.mobiledia.com/topic31370.html

submerge it into DISTILLED water, take it out, take it all apart and blow it dry. Distilled water will flush away harmful salt from tap water or chlorine from swimming pool etc. Let all parts sit in the sun for a couple days or, if it is not warm where you are, remove battery and put phone in conventional oven at lowest setting for a short time. Don;t be alarmed! Phones get hotter than this in tropical and saharan countries when used during the day and in sunny, summer sun. phones can handle heat better than you think.