I have actually used this process and if done correctly, it does work. First, right after dropping it in the water, you need to remove the battery and shake out as much water as possible. Put in a ziplock bag full of dried rice and seal and let it set for 3-5 days. DO NOT ATTEMPT TO TURN THE PHONE ON FROM THE MINUTE YOU DROP IT IN THE WATER. If you do, your pretty much screwed. It fries it when you do. Its 50/50 if done correctly, but hey, its worth a shot!
Good luck!