I dropped my Iphone 5 in a swimming pool, what should I do?

I was at a friend's pool party today and she pushed me into the pool when I had my iPhone 5 in my hand. I got it out of the water as soon as I could and tried to dry it off with a towel. At first everything worked fine and there was no visible damage. I placed the phone next to the fire to try and dry it out (they didn't have any rice for me to put my phone in). I left the phone there for about 15 mins and when I went back to check it, there was a massive mark running down inside the screen. I turned the phone off but after about 5 mins it turned itself back on again. I tried to ring my boyfriend to pick me up but it wasn't ringing. When I went home I was lucky enough to get all my pictures on to my computer so that I wouldn't loose them. The phone is working ok now but there's still a water mark inside the screen. The music is working but I can't hear incoming calls and the volume is very low despite being on full. The camera is very blurry and I can see some water is still in the camera. I have no idea what to do!

Added (1). Also, will putting it in rice now (about 3 hours after it was put in water) help?

Try putting it in rice

Maker get you a new one!

Check if it still has the one year warranty

I think you may need to get it repaired professionally.
If there's still water on the inside, only a professional can take it apart to get it all out without ruining the phone.
Just before you take it to be repaired, make a copy of any files that you want to keep because most phones come back from repairs completely wiped.

Sell it for parts.
the rice trick doesn't work on iphones.
it will get worse by the day as the insides corrode, and it will completely die.