I fix phones for a living - have to say sadly that if water has gone in to the internals and if the battery wasn't removed, then the likelyhood of survival is essentially zero due to the corrosion. I get a lot of iPhones in where people have 'riced' them for a couple of days, but it's just too late.
The suggestion of the silica-gel is the better option, even crystal kitty litter can work.
The truly preferred option is that the phone gets stripped down, cleaned and dried in an appropriate kiln... or for Australian residents, just leaving it outside for half a day
.
The bulk of the damage is done due to the presence of the battery.