Q: dropped phone in toilet, now it wont charge

Yes, it is water damaged now.

Take it to Apple and purchase an out of warranty replacement for it.

You need to take your iPhone to an Apple Store > http://www.apple.com/retail/

Liquid damage to iPhone or iPod isn't covered by warranty - Apple Support

I believe you have water damage. There is no way to deal with water damage except to replace the device. The cost for the out of warranty replacement will depend on your location, however you can take a look at this link for assistance.  Other iPhone Repairs - Official Apple Support

Now that you have turned it on, and tried to charge it, any damage is already done.

You should let it dry for a week or so before trying to turn it in or charge it.

You may be able to purchase and out of warranty replacement from Apple.

Make an appointment at the Apple Genius Bar for service. If needed find an Apple Store - Find a Store - Apple.

If your iPod Touch, iPhone, or iPad is Broken

 

Apple does not fix iDevices. Instead, they exchange yours for a refurbished or new replacement depending upon the age of your device and refurbished inventories. On rare occasions when there are no longer refurbished units for your older model, they may replace it with the next newer model. You may take your device to an Apple retailer for help or you may call Customer Service and arrange to send your device to Apple: You can make an appointment at the Apple Retail Store - Genius Bar and take it in for service. You can also look for an Apple Store - Find a Store - Apple.

 

You will find respective repair costs in the appropriate link:

 

iPod Service Support and Costs

iPhone Service Support and Costs

iPad Service Support and Costs