My iPhone 4 went for a swim?

I was at the park with my friend Sam and i was sitting inside of a slide, and i accidentally dropped my iPhone. I thought "oh no big deal" and looked at it sliding down and there was a huge puddle at the bottom of the slide so I freaked out and got it. I was submerged for probably 2 seconds. As I frantically picked it up it slid out of my hand again and splashed into the puddle. I freaked out and took my shirt off and dried it off, and it was still working. Then i blew into the ports a little bit but sam thought that was a bad idea so i stopped. So i shut it off and had it wrapped in my shirt. I got home probably an hour later and i turned it on and the Home button wasn't working and also it wouldn't play music, but it plays music if i plug in headphones or plug it into a dock. So i turned it back off and put it in a sealed container with a bunch of rice. It makes noise when someone calls me, but i don't hear the "click" when i slide to unlock it. Do you think it'll be alright, and it'll be fixed? What else should i do? Will my home button be ruined forever?

Go to an ifix it store and have it fixed for water damage or if you have insurance see if you can get them to send you a new one

Dry it using a hair dry machine and then put it in a bowl of rice for 3-4 days. Nothing's gonna happen:-) i did the same after my samsung galaxy S3 fell inside a swimming pool. And nothing's gonna happen to your home button.

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