
Let’s say you drop your phone in the sink or pool for whatever reason. You are, in fact, S.O.L., but there’s a couple things you can do to minimize the damage. The first, obviously, is to remove the battery from the device… unless you have an iPhone, at which point you can thank Apple for choosing form over function.
Step two—and sit down for this because it’s a doozy—is to submerge your battery-less phone into a bowl of dry rice indicates that water was there, sorry!
Oh! And if you own an iPhone (or iPod Touch), you can slip it inside the Sanwa Waterproof Bag. That way, you can take awesome iPhone photos and video of your poolside shenanigans and zip ‘em off to Facebook post-haste.
via Dvice

I think you have some words missing from your second paragraph.
I’ve heard about this.
I’ve had some success with a different technique too: bake your phone. Set your oven on the absolute lowest setting, and let your phone sit in there for an hour or so. Obviously if the lowest setting is 225, this doesn’t apply, but 150 is fine for a short time.
put it in a bowl OF rice perhaps? ;)
I like the link to the sanwa bag. Just confirmation that it exists lol.
The second paragraph seems to be missing a sentence or two about a water activated sensor?
I actually tried this 2 days ago when the wife dropped her phone in the bath tub. Worked like a charm!
iPHONE IN WATER
Similar thing happened with my sister’s iphone: she dropped it in the commode. But it works perfectly now. Here are the steps that we took immediate after the iphone got wet:
Firstly, BE PATIENT it will up to a 5 days or more, and have a backup phone for that period. Immediately after your iPhone gets wet you want to shake it and try getting as much of water out of the iphone. Secondly, dry the outside of the iphone so that the exterior is dry. Next Turn OFF the phone (there is a possibility of getting a shock so be careful!) and remove the SIM card. Then use a hair dyer to try to dry off the water that might still be in the iphone, since hair dryer can get really hot. Make sure to immediately put it in front of a fan or AC to cool it off as you don’t want to damage the iphone. Next step is to put the iphone in a bag of uncooked rice (THIS WORKS!). After a couple of days, charge your iPhone. In a few hours or a day the phone will start turning on and off (Don’t worry let it charge). It can take up to a few more days, then turn on your phone, and let it sit and charge. After a couple of days check you iPhone for functionality; it should work!
Maybe if you had a lot of the “silica gel” packets that come in dry/moisture-sensitive packages, you could open a few (read many) up and toss your phone in there.
I guess rice is more easily had.
You can also put your wet phone in a ziplock bag of saved silicon packets. You know, the little sacks that come in packages of new electronics …
That is also reliant on someone having a bag of saved silica packets….whereas pretty much everyone has uncooked rice in the house.
Silica Gel is the way to go, it will dry out your phone and pull the water from all the electronic pieces that air drying will not do. This stuff is the most absorbent material available commercially, thus why they use it in all electronics you buy new!
Just go to google and search for Silica Gel Packets or first place I found is: http://www.silicagelpackets.com
Rice does not effectively absorb humidity unless it’s in boiling water (ask south east asians). Silica gel or (clean) cat litter is much better suited.
As for rice, why not fusilli while you’re at it :)