Can I go to the Apple Store and get my water damaged iPhone 5 repaired or replaced?

I dropped my iPhone 5 in water and it won't turn on. However, the little water damage sticker (the white one inside the sim slot on the side) doesn't show up red, and it should because it was submerged under water for about 4 minutes. I don't have insurance and I was wondering if I took it to the apple store will they replace it or repair it over the 1yr.warrenty policy they have? Would I have to pay a fee? How much?

Hi, I'm having the exact same problem but instead mine was in the washer machine. I have insurance with At&t but they are trying to charge me $200 which is how much I spent when my 2 year contract ended in March 2013. I'm trying to figure out if there's another solution also, if I can perhaps get it replaced for free or pay a cheaper deductible. If any help please email me Onyahankins@ymail.com