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Don't worry.. accidents happen.
If your phone got wet in rains or dropped in a sink or toilet or water, have a look at few tips which you can try with your phone:
* Immediately switched off the phone and remove the batteries. Never put the phone for charging especially when its wet.
* Shake off the water as much as you can
* Dismantle the phone. Its important to remove the batteries first.
* Keep your phone in rice bowl, rice helps in absorbing moisture
* You also dry it using a vacuum cleaner. The more you expose the better it will dry.
* Wipe out the moisture by hands or a soft cotton cloth
* You can also keep it under fan or dry it using  a hair dryer (but my experience says, applying either of these two methods, the moisture may travel deep inside the phone resulting into complications)
* Once its dried out completely, fit in all the parts and try switching it on
* Sometimes you can also put it on a CPU of your computer for say an hour or so.
I have dropped my phone in the lake water and I just dried it out and its back to normal without spending a penny!!