What you should do:Step 1: You just picked up your phone from the water
So you just picked up your phone from the water and you see it's still running just fine. Even though it still works that doesn't mean it is out of danger. Immediatelly power off the device.
Step 2: Take the phone apart
After the device powers off, take everything off. The SIM card, your sdcard, and of course, your battery. Try to dry out all of these components with a little towel or some cloth.
Step 3: Drying off your phone
Try to shake your phone to spill some water out of it if there is any and try to dry it off with a paper towel or cloth aswell. After it is dry in the outside proceed on with the next step.
Step 4: Putting the phone in rice
Get a small bowl (prefferably a container) and fill it with uncooked rice. Now put your phone inside without the back cover. The rice will help absorb the moisture and dry off the phone.
Please note that this may take a while so it's recommended to keep your phone in there atleast from 2 to 3 days.
Step 5: The test
Now after waiting 2-3 days, you may insert the battery to your phone and try to power it on. If it does, congratulations! If it doesn't, you would either have to speak with your carrier (they are most likely not going to do anything for water damages) or you could just purchase a new phone.
What you should NOT do:1. Turn it on
Do NOT power on your phone after it is wet! The water inside could cause a short circuit leading to your phone completely dying.
2. Using a hair dryer or microwave
Do not use anything that produces heat near the phone. Chances are all it may do is just push the water around or melt a component.
3. Put your battery near heat
You should know that batteries don't like heat and fire. Do not place your battery near heat to dry it out. Just try to wipe it and keep it on a dry place aswell.
Well that is all you need to know about what to and what not to do after your phone has been dropped in water. If this helped, please leave a comment for the rest of the viewers to see.