Dry-All (http://dry-all.com/) makes "indicating molecular dehumidifiers" (their term, not mine) for a variety of products including keyless alarms, safes, and hearing aids. Now they're extended their moisture-wicking largess (yeah, that's my term) to you cell phone:
Everyone has had a mobile phone that got wet. Revive wet cell phones that have been dropped in the pool, lake, river, ocean, water, rain, gutter, fish tank, or the dreaded toilet. In some more extreme sports, sweat or condensation may have damaged your cell phone. However your cell phone got wet, DRY-ALL¬Æ will dry it out.
The product page (http://dry-allforcellphones.com/) includes all the steps necessary to dry out your dunked phone. This is assuming you've got the US$20.00 for the product, and 48 hours (or more) for the actual process.
Frankly, if you're going to submerge your phone, we prefer the method — and the dunking substance — below: