First and foremost, don't listen to those who advises to dry the phone, for example, Newspapers or just leave it in a well ventilated place. Anything You have, most likely, will not work.
1. Immediately remove the battery, SIM card and memory card, disconnect the device from the headset, a charging unit and any other peripherals.
Do not even think to turn it on! Any electrical discharge over a circuit, and You will burn the remains of the phone completely.
2. Make sure to DAB with a dry cloth made of soft fabric all the parts of the phone that can. If You drop a phone in beer or into something sticky, use wipes to clean appliances.
No need to dry the phone in the oven or blow on it from a hair dryer — so You at least will melt the solder contacts.
3. Leave the phone on paper towels for 24 hours, and near it lay a bag, the other of silica gel — the one that put it in a box with shoes.
Ignore the advice to put the phone in rice to cereal has absorbed the water (Yes, this suggest) — the rice begins to actively absorb only at temperatures above 70°C