Dropped iPhone 4S in coffee?

Let's all take a moment to laugh at my stupidity… Now that that's over, I do need some input. This morning I somehow managed to drop my iPhone in my HOT coffee. Not sure if temperature has any affect on the damage caused. I immediently took it out and started rubbing it dry on some blankets, and I took the case off. At first the screen looked fine but then it went dim. I held the power button but it wouldn't let me swipe my finger to turn it completely off. I held down the power button for a while and I think that may have turned it off… But I heard it vibrate in the rice I put it in a few times so who knows. The Verizon dude I talked to on the phone said that's fine - it will eventually run out of battery. Anyways, my phone is currently in a vase, fully submerged in rice and i have plastic wrap over the top of it to keep out any excess air. I'm gonna keep it in there until at least Friday morning… Probably Friday afternoon. Any other tips? Can this sort of thing be repaired or does it usually result in buying a whole new phone? I don't have insurance unfortunately. I do have an old enV3 as back-up. I'm not opposed to using that for a while until I save up for a new phone if this one is ruined. Any input or personal experience with this issue would be appreciated!

Its pretty much done for

That rice trick is a fake story thats not true. That rice trick never works. Your iphone is pretty much dead and can't fix it.once a cell phone gets wet it can't be fixed.

The rice is the best way to go, I would take the plastic off the top though, more air is better, it will dry it out more. If it were water, I would say that there's probably no damage to it once the rice does its work, however if it was coffee and it got inside, then it may have stained the inside of the screen or something, in which case you would have to get a new phone.

Ouch! The first thing to try is drying it out. Don't try to turn it on, don't plug it into anything, that may only increase the damage, or damage another component, or electrocute yourself. Instead, dry it out with a hairdryer for a while, and then spray compressed air into the earphone hole at the top, and the dock-adapter hole at the bottom. If you're lucky, at this point it will turn itself on automatically!
If it doesn't work and you are ok and want to take the risk then you can take of the back and dry out the internals but it is very risky. I would just leave it after the first step but if you want to take the risk, then go to http://www.powerbookmedic.com/iphone/ then scroll to the bottom and follow the video but I would not personally do that. But it is your choice. Hope that helps.

Do the first step first then the second. Hope that works.