This is going to sound wierd, but it's been known to work for electronic devices that get wet. We did this with our son's iPod Nano that went through the wash.
1. Remove battery cover, battery, and SIM
2. Fill a Ziploc bag with uncooked white rice and place your Bold, battery and SIM in the bag
3. Make sure the bag is large enough and that there is enough rice so that the Bold and all the parts are covered.
4. Keep it in a bag for at least a day or two.
In our case we laid the bag on a warm (not hot) surface.
There is something about the rice that absorbs the moisture. It won't make the red dot go away, but you might be able to salvage the phone.
I had read about this on another forum, and when the iPod went through the wash I went on the Apple forums and found out that it's a known remedy.
Our son's iPod works just fine not.
It can't hurt.
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