I got my iPhone 4 wet! What should I do?

I slipped and took an unexpected dip in a freezing cold lake the other day, with my phone in my pocket. After I managed to get myself out of trouble, I noticed that the flash bulb remained on while the rest of the phone showed no signs of life. I dried it off and stuck it in a bag of rice, where it had been for the past 30 hours or so. I tried to charge it again about 5 minutes ago, and the only thing that happened was the flash bulb lit up again. I put it immediately back in the rice. Are there any hopes of reviving my phone, or is it trash? What should I do!

As always, thanks for your help!

Added (1). I'd like a little more than "It's ok or it's not ok.

Chances are it is ruined.

WHY IN THE H*** WERE YOU WALKING A FROZEN LAKE! Idiots these days

Fill up a LARGE bag of rice (brown works best) and stick your phone in it for 24-48 hours. If your phone was dunked then I suggest the longer the better. Make sure your phone is lying with the charging port gravitating towards the ground so the water goes out of there. After the amount of time you chose to leave it in, gently shake your phone to get any rice off of it. This method has worked best for me every time!

  • My iphone got wet, what should I do? My iphone got wet and the girl at the AT&T store tried to turn it back on. Is there still hope for it or is it pretty much screwed?
  • My iphone got wet? Help SOMEONE? Ok, I was about to leave the house when I put my iphone face down on my counter which was wet but I didn't know. I picked it up and it started buzzing, I have a clear plastic guard on it so I took it off and wiped the water off and switched it off leaving it in my pocket. When I got home I tried to switch it on but it won't switch on, I need help is it broken? What do I do?
  • My iphone got wet and won't turn back on? My iphone got wet and the screen turned all white I looked up a solution and it said hold the on and home button at the same time that turned it off and now it won't turn back on please help.
  • IPhone got wet and home screen button/voice control not working? I was actually using hand sanitizer and it got into the charging opening of the iPhone. I thought I dried it out but now the home button does not work and every other time, the voice control randomly pops up. I tried putting the iPhone in rice to remove the moisture but only for a few hours (two hours at least). Should I try for 24 hours? Any other suggestions? Will apple store help repair this issue without erasing my pictures, videos or texts from my phone?