[Android General] Prashanthme:
No one in the world has an intention to throw phone in water :P But by chance it happens.. So i read a lot and tried to find best possible solutions to revive phone after water damage. This may not help every phone but a last chance to get ur phone back to life :)

1.Take the phone out of the water as soon as possible: The plastic covers on cell phones are fairly tight, but water can enter the phone in a short period of time, perhaps only 20 seconds or less. Grab your phone quickly. Don't switch the phone on, as this can cause it to short circuit – if it has been in water, assume it needs drying immediately whether or not it is working. If you can't get to the phone in time, your best bet is to remove the battery while it is still under water. Water helps to dissipate heat from shorts that can damage the phone, so most damage occurs when the inside of the phone is wet and connected to a power source. This can go both ways, however. Being under water is more likely to short the battery to even more sensitive contacts, so be careful.

2.Don't panic: Your phone will probably not be too damaged if you take it out of the water right away. A longer period of immersion, such as being in the washing machine cycle, will be cause for more alarm but it is still worth trying the following steps before giving up completely.

3.Remove the battery: This is one of the most important steps. Don't take time to think about it; electricity and water do not mix. Cutting power to your phone is a crucial first step in saving it. Many circuits inside the phone will survive immersion in water provided they are not attached to a power source when wet. To find out if the phone is truly water damaged, check the corner near where the battery is – there should be a white square or circle, with or without red lines. If this is pink or red, your phone has water damage.

4..Remove the SIM card if you have a GSM carrier: Some or all of your valuable contacts (along with other data) could be stored on your SIM. For many people, this could be more worth saving than the phone itself. SIM cards survive water damage well, but some of the following steps might damage it, so getting it out immediately makes good sense. Just pat it dry and leave it aside until you need to connect your phone to your cellular network. (This step does not apply to CDMA carriers such as Verizon, Alltel, US Cellular, Sprint, etc.)

5.Dry your phone: If there is even one drop of water left inside, it can ruin your phone by corroding it and making the wrong contact. Obviously you need to remove as much of the water as soon as possible, to prevent it from easing its way into the phone.Gently wipe off as much water as possible without dropping the phone. Avoid shaking or moving the phone excessively, so as to avoid moving water through it.Wipe down using a towel or paper towel. Ideally, try not to clog the wet paper in the gaps and grooves of the phone. Keep wiping, to gently remove as much of the remaining water as possible.

(Optional) If you pulled the battery out in time, cleaning the inside of your phone with cleaning alcohol (alcohol will displace the water) or contact spray might remedy the problem.Dry any remaining excess moisture by moving your dry or mitten-clad hand across the surface.

6.Use a vacuum cleaner if possible: If you want to try and suck the liquid out of the inner parts of the phone, try using a vacuum cleaner. Remove all residual moisture by drawing it away with a vacuum cleaner held over the affected areas for up to 20 minutes, in each accessible area (take it in turns with a friend). This is the fastest method and can completely dry out your phone and get it working in thirty minutes. However, unless the exposure to water was extremely short, it's not recommended to attempt to turn your phone on this soon. Be careful not to hold the vacuum too close to the phone, as a vacuum can create static electricity, which is even worse for the phone.

7.Use a substance with a high affinity for water to help draw out moisture: Leave the phone in a bowl or bag of uncooked rice overnight. The rice would absorb any remaining moisture. If available, it is preferable to use desiccant instead. Desiccant will absorb moisture better than rice.

8.Let the phone sit on absorbent towels, napkin, or other paper.: After removing the phone from the rice or desiccant (or if you were not able to use either method), place the phone on absorbent material. Remember that the goal is to evacuate all of the moisture and humidity, not to trap it or add even more.

9.Test your phone. After you have waited at least 24 hours, or longer if possible, check to see that everything on and in your cell phone is clean and looks dry. Re-attach the battery to the phone. Try turning it on. If your phone still does not work, try plugging it into its charger without the battery. If this works, you need a new battery.

10.Take the phone apart if your phone doesn't turn on at all. If you feel comfortable doing this, try taking it apart. First, make sure that you have all of the right parts and know exactly where they go. Be sure to put everything back in its proper place once finished. As you're disassembling it, pat each individual part dry with a small towel and use the vacuum cleaner once more on the crevices (but be careful not to accidentally suck up any loose parts – keep them well to one side, or stretch a length of old pantyhose over the nozzle). If this doesn't work, or you're too unsure about undoing your phone, get help from cell phone professionals.

Final thanks to wikipedia for such a useful info:) Hope it helps someone...

I know it has no relation with android. But couldnt find a better place to post.. :)