iphone in water!

Any tips on how to salvage an iphone put into the laundry? Dried it for 3 days and it did turn on, but doesn't appear to be able to function. Plugged it into my imac and it has asked a couple of time to update software, but won't finish the task and doesn't work for calls or texts or anything. Once it asked to "restore." Is there any way to salvage a back-up at this point? Or is my best best to 'restore' and see if it will work again with a clean slate?