Wife dropped hers in the toilet on the 3rd day of having it. We took the battery out and let it sit for a week. Tried it, and no go. Most of the keys didn't work and it was very very non responsive. We let it sit for 2 more weeks, tried it again and it works as good as new.
The key is keeping the battery out as long as possible in between attempts. It WILL eventually work again, but it may be a while. I've never tried the rice idea but it sounds like a great idea to dry it out faster. Once it's completely dry, it'll work again, from my experience.