Ya.The first thing which is required is to take out the battery,SIM and the memory card.try to suck the water out using any convienent mean then Use a hair drier and blow warm air on the phone at interwels.Continuous blowing may be harmful. You find the vapours on the screen of the phone continue it till vapours are gone. After an hour or so place the battery back and switch on. In case the phone was there in the water unnoticed for a long time it is suggested to consult the service centre.
Sunil, September 2009