I dropped my iPhone in water. What should I do?

If it was in anything other than clean water, place it into a bowl of clean water, completely submerged, to clean out any remaining pollutants for at least an hour. Then, do the following:
1) pop out the sim tray using a sim key or something no bigger than a small paper clip. Allow any excess water to drain out, turning the phone in all directions.
2) place the phone next to the grate at the base of your refrigerator for at least 48 hours on a towel to absorb any excess moisture.
3) allow to charge and you should be good to go.

Remember-- do not charge or try to use your phone before drying it out. Do not place in rice. The little particles can get into the little openings in your phone and cause damage, particularly in the charging port.

1. If you've dropped your iphone in water, turn if off immediately. It's unlikely that it's still on, but, it's possible to damage it further, so power down and continue reading.
2. Rice. Yes, the old rice trick. Get a bag of uncooked rice and put your iphone in it. Seal the bag back up and try to fend off the shakes as you embark on at least 2-3 days sans iphone. The water in your iphone will take at least this long to get drawn out (hopefully) by the rice.
3. Don't open up your iphone. This will void the warranty on it. If you take you phone out and still see water leaking around the screen. Put it back in a bag of fresh rice and let the process continue for another two days.
4. Easiest way to solve dropping your phone in water is to get a new phone. Your warranty probably won't cover dropping it in the toilet, so if you have the extra cash laying around this is an easy option (read quitter).

Useually unrepairable but take the back off then remove battery and sim then use a hair dryer to try and dry out the moisture sometimes it works depends on how much water damage is in the main board