Sorry to say, "Probably Not".
Have you taken out accidental damage insurance when you bought the phone?
As shown on a recent Channel 5 "Gadget Show" October 2005, water and electrical gadgets don't often mix well.
As they showed, try drying it out "slowly". Hairdriers will kill it !!!
Remove battery and any easily removed covers.
Allow warm dry air ( not hot ) to pass over and through the phone for a couple of days before charging and switching it on.
This may allow the little drops of water to dry out from between the tiny tracks (electricity lanes or rails) inside.
Try charging the battery on a friends phone of same make and model. Then try the charged battery on your phone again.
Even if the phone is useless, you may be able to use this as a spare battery for a similar Nokia phone.
But most times that a phone has been immersed in water, it will be time to buy a new phone. Even if it starts working again, there may be intermittent faults, growing more troublesome over the months.
Sorry to bring you the bad news, Electra.
Jim.
Let me know the outcome
jim_mckee_@msn.com
Jim McKee, October 2005