My friend pushed me into the pool with an N97 still in my pocket...

Got out of the pool, removed the battery and attempt to dry most of it out using tissues to suck up the water. Then sticked it in rice for 3 days. Worked fine after that!

My advice is whenever you get into such similar situation, it's important to remove the battery out straight away to prevent internal short-circuiting. Stick it in rice for at least 3 days. Don't dry it with hairdryer, that thing can get pretty hot and damage the internals.

Water cannot do damage to electronics without power/electric, the moisture is what kills it, water + electric don't go well together if the device is then dry up completely, it will behave exactly the same as when you first bought it.

I did an experiment back in school, stick a laptop into the pool, then attempt to dry it completely, stick it in rice for a month. We then put the battery back in and attempt to turn it on, it worked fine.