Is Anything Better Than Rice to Fix a Wet iPhone?
allthingsd.com
allthingsd.com
Depending on your time it might be cheaper to pay for it to have it done but I wanted to learn a little more about the inside of the iphone so for me it was worth. You do run the risk of breaking it but if you are slow and steady you should be fine.
Opening the back, and moving a household vacuum around the circuity for ~20 minutes fixed it perfectly.
Desiccants are the generic name for water-removing substances: http://en.wikipedia.org/wiki/Desiccant
Amazon has silica gel (the most common desiccant) at $13 per 25-pack of 3"x1" 10 gram bags. That's a crap ton of desiccant. http://www.amazon.com/exec/obidos/ASIN/B003DKQB02/B004D9R9OM...