Yeah, I saw a Gadget show program the other day that tested a load of hardware by chucking them in a swimming pool, leaving them a minute or two, then fishing them out. They used a few items including a phone and one or two MP3 players.
After fishing them out of the pool they opened the case of each device (helped dry them out faster), took out the batteries, and stuck them next to heaters for a day or so. Think the final thing they did was to use a hair dryer on them after a day in front of the heaters. Everything worked fine apart from the iPod which you can't really open without a major effort and it never fully dried.
Apparently the one big thing not to do is to try to get it working when it is still wet/damp. If you do then it will short it and it will never work again. Personally if I dropped my mobile in the drink I would probably leave it a couple of weeks in front of a heater before attempting to turn it on again. Lot of money to waste if not completely dry. Then again, that is what insurance is for.
Cheers
I am 99% probably lying in bed right now... so don't blame me for crappy typing
Current fave quote : "She was like a candle in the wind.... unreliable...."