As long as the water was clean then you wont get any shorts with debri that may have got onto the boards.
DO NOT TURN THE PHONE ON
As long as it didnt short out and blow the chip it is recoverable
If you want, after several hours of leaving the phone on the shelf you could drip the phone into alcohol (with a high percentage 90%) because this process will remove all the water inside the casing.
Take as much of it apart as you can, and leave it for at least 3 days to dry on its own, a high shelf in a dry room (no the airing cupboard)
Put it back together and cross your fingers ... turn it on if it has problems at this point, sorry its a gonner
If at that moment it doesn`t work you should wait a couple of days.
Good luck.
Nokia N73 ME - 2GB Corsair