Dropped iPhone in water, everything works except "wake up screen" comes on

Ano on, and on.....every 20 seconds....kills my battery

Everythiing on the phone works fine so far, I have access to a compressed air generator so I immediately blew the water out....

Anyway, when the phone is locked the "wake up screen" pops up (just like if I pressed the top power button) every 20 seconds, stays up then goes away. This kills the battery in about 4 or 5 hours. It does not do this when charging, so I assume it is not a short in the switch. I read on another forum about someone else having this exact problem, but they did noy have a fix.

Can someone please:
1. Let me know if this can be fixed.
2. How to go about fixing this....I think taking it to the store would be a waste of time as I'm sure the "water sensors" are red....I've heard they make you buy a new phone, is this true??
3. If it is fixable by a third party company or Apple please recommend one.
4. If anybody has had this problem and had it fixed, how much did it cost?

Thanks in advance for any and all responses.

Message was edited by: malone76