Get a large tupperware containter and fill it full of rice. Push your iphone deep into the rice and cover. Leave there for a couple days. Believe it or not, there is a 90% chance that your phone will work again after that.
The rice absorbs all of the moisture and is the safest way to do it. Don't put it into an oven like I've hear other people doing.
Tupperware and rice and your phone will be working again. It works on regular cellphones and ipods so I don't see any reason why it wouldn't work on an iphone.
P.S. since it fell into your toilet I wouldn't suggest eating the rice afterwards.
