This is the actual way to repair a water damaged iPhone. Whether you have dropped it into the toilet, alcohol, pool, at the beach or in a puddle or creek this is the way. DO NOT listen to the 'bag of rice' trick. This is not a solution. You need to 'wash' the logic board. Putting it in a bag of rice or drying it out and turning on your iphone will cause corrosion to progress.

Please note not all water damaged phones can be replaced. From my experience the sooner you jump onto it the more chance you have to recover it. I have restored phones that have been in the beach water for up to a hour and phones that have fell into the toilet.