This is the best (and most reasonable) approach...
http://www.droidforums.net/forum/droid-faq/8539-how-deal-droid-thats-gotten-wet-right-way.html
The rice BS is just stupid... it will NOT draw any moisture out.. think about it people... IF rice had any hygroscopic properties than the rice in your cupboard would take moisture from the air and would get soft and/or moldy relatively quickly.... I don't know who started this stupid solution or why but it's complete BS... it will do nothing more/extra than just allowing the phone to sit wrapped in a towel for the same period of time...
(and yes, now a bunch of people will quote this saying 'riced save my phone'.... BULL!!!!!! see above... unless you can find me anything proven that states rice suddenly becomes hygroscopic in the presence of cell phones it was simply the TIME and the DRY environment):soapbox: