IPhone sat in hot tub for 5 minutes?

IPhone 5 was in hot tub for five minutes. It's been a month since the incident. Phone does not work and won't turn on. BUT I just plugged it in and it keeps making the same sound that it makes when you plug it in to the charger EVERY 5 seconds! There's no picture, it is just black but there's this beeping constantly. Is there hope for the phone?

Dan's suggestion is correct with 99% of phones, but with an iPhone 5, the back is not removable and the battery can't be accessed without breaking the phone down completely starting with the front screen, If its been a month, odds are most water has naturally evaporated and the damage has been done, DO NOT attempt to open the phone as it will void your warranty and Apple wouldn't help you if you begged on your knees.

You might want to take it to the Apple Store five minutes is a pretty long time for a phone to sit in water. For future references if your phone get in water take off the back, take out the battery and sim card and put your phone in a bag or bowl of rice. The rice will absorb the water (it will work depending on how long the phone was in water). If your phone still makes the sound you might still have a chance. Take it to the Genius Bar at the Apple Store.

IPhones are fairly resilient but with the 5 there's a metal shielding installed on the motherboard that can't be removed so cleaning it requires an ultrasonic method and thorough drying process. I wouldn't give up just yet. If you are able take it to a cell phone repair shop. The battery is one of the first components to go so you'll probably have to replace that at the very least. Of course if you have Apple care see them first.