Water damaged Smartphone?

13.12.24: Most people don't think about it until it happens.

Cell phones, like cameras, are not waterproof ... unless you buy one of the few that are.
Unfortunately, the big sellers are not there yet.

There are some inexpensive DIY approaches suggested (rice, isorpopyl alcohol) ... but not guaranteed.

First thing is to take out SIM card, SDcard and battery immediately.   

There are now two reliable solutions. One before it happens and another after it happens.

If you dropped your phone in water, you can buy this Reviveaphone kit to fix it (90 percent success rate) for approx $33 (includes shipping).
It was reviewed on Dragon's Den and was supported (show to be aired in January).

A young guy has been repairing phone for a few years before coming up with this solution.
It seems to be selling well.

Another approach is to water seal your smartphone when you buy it (before you move all your data to it).
Currently, they can seal iPhone (4 and 5 models) and Samsung (Galaxy and Discovery models).

This is a guaranteed sealing on the inside of the phone (by a Canadian company) and nothing is apparent from the outside.

The downside is waiting to use your phone, as you must send it to Calgary for the sealing process.
The company is WaterSeal and their site indicates mail-in service to begin in November 2013. Call them at 403-450-8705 to inquire.
I have a call in and will update when known.