Remove the battery immediately, resist the urge to power up your phone to see if it works, just turning it on can short out the circuits. Take out the SIM card, too, which may retain data, such as contacts, even if the phone itself is fried.
Shorten drying time if the phone stays wet for too long, it will start to corrode. Skip the hair dryer; it’;s too hot for this purpose. A better choice is a can of compressed air, an air compressor set to a low PSI, or a wet-dry vacuum.
Submerge the phone in uncooked white rice for at least 12 hours. If you don’;t have rice handy, place the phone on paper towels, then put it in the freezer for 15 to 20 minutes. Replace the battery and power up to see if the phone works. If it doesn’;t, remove the battery, and stick the phone back in the freezer for another five to ten minutes. There’;s a good chance you’;ll have a working phone after a couple of tries.