I dropped my iPhone in the ocean

So maybe an hour or two ago I was wading in the ocean with my friend and we jumped over a wave and my iPhone 4 fell out I my pocket. I didn't realize it for at least 5 minutes until my friend found it in water maybe a foot deep. I picked it up and dried it off but I didn't know what to do. I heard soaking it in rice helps but we don't have any rice and were pretty far from a Grocery store. I'm using my phone to write this, its been fine so far except the lock button stopped working after maybe an hour after it being in the ocean. I can't lock my phone, turn it off, or take a screenshot. The lock button is totally dead. Is it to late to fix it somehow or am I going to have to get it fixed/replaced?

Turn on assistive touch

Take it to an apple store

File a claim. If you weren't smart enough to get insurance on your phone, then buy a new one.

Yes you dropped it in the ocean.

Rush! Switch off your phone!

Let it dry for several days, but you probably have to take it to the apple store. It would have salt inside and that will eat away everythng, at this point I would not try to even fix that and would just get a new 2 year contract if you contract is up. Actually, its a good reason to upgrade.