In reply to Dave the Rave:
I had to put my phone in the oven on low for a few hours to dry it out after it got soaked while out on the bike. I used a thermometer to set the temperature very accurately to 40 degrees and left it to equilibrate first.
One thing to be aware of; even if if does dry out and work again all warranties will be void so there's no point ever sending it in for warranty repair if something else happens in the future.
They put little stickers around the openings in the phone that change from white to red when they get wet. These don't go white again after drying. So if anyone opens the phone up they will know immediately that it's been dunked and will use that to get out of doing any work, even if the problem is unrelated to the dunking.