IPhone 5c water damage/ LCD growing black spot?

My iPhone 5c got wet this morning, I didn't do anything about it aside from dry the outside thinking it wasn't that bad. Later on the center of the screen discolored, and the Vibrate stopped working. The screen glitches when I try and scroll. Now there's a black spot that is growing, and I know this has something to do with the LCD. Will placing it in rice help? I've had a similar growing black spot on an old ipod from pressure, and it went away, is that possible with this too?

You should have placed the phone in a sealed bag packed with full of rice for at least 1-3days. It needs to be completely dry before powering and using the phone.