My iphone 5 has been water damaged how do I fix it?

I dropped my phone in some water 2 nights ago, so as suggested by everyone I placed it in the box of rice. However I was in a state of panic and tried to switch the phone on. It is now stuck on a solid red screen and won't turn off. How do I fix this?

Added (1). I would also rather not have to take it apart in order to fix it

Take it to an Apple store, or take it to a computer repair shop. Those guys will be able to take a good look at it and determine what's wrong.

Its a write off

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