I have some experience with this..1 cellphone in a puddle (deep) , one inside the toilet and one overboard from a boat.
The one in the puddle didn`t make it for some reason.The one in the toilet I saved by taking it out (wrapped my hand in 2 plastic bags,the phone was 2 weeks old so I had to save it) and taking out the battery and just letting it dry for 3 days by the window.
The one I dropped in the caribbean sea obviously didn`t make it (salt water and electronic stuff dont mix) but I dived for it and for some reason it just kept vibrating non-stop.
I have some other fun cell phone stories like the nokia I left on the roof of my car and while in the gas station and dorve off with it.Saw it from my rearview mirror bouncing on the street.I think a car hit it `cos I had to pick up different pieces of the phone around the street.Still I put it back together and it worked for 3 more days and then it died.
If you want a free iPod you could help me get one in the process too by clicking
here 
(yes I`m a poor student)