You should put it in a container and cover it with uncooked rice for a couple days and it will suck the water (and piss) out of it and into the rice. (Also those little silicon packets that say "Do Not Eat" work as well, but are not as available as rice might be.)
If the phone doesn't work after that you could just cook the rice and feed it to someone you don't like to lift your spirits a little.
Also, search youtube for "iPhone 3GS dropped in the pool." to bring back some of your hope. (I can't post links yet.)
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