iPhone dropped in water - error code 23 after DMU - give up hope?

To everyone who has dropped their iPhone into water - do not give up all hope of recovery.

If you check this site http://theiphonewiki.com/wiki/index.php?title=ITunes_Errors then you will see the explanation of the error code 23(among other things) - just scroll down the page to this point
*+Error 23+*
*+Cannot restore or update due to hardware problems.+*
*+In software you have to set default web browser.+*
*+In hardware, it's a communication problem. Check all connections, also try to change battery.+*
*+faulty baseband flash or processor+*
*+Happens frequently after water damage. Remove and clean motherboard.+*

I dropped my iPhone whilst I was in the kitchen, near to the sink and it fell into a bowl which was full of water (Yes I know what you are thinking!).It was in the water for a only a second or two before I retrieved it!
I am fortunate in that I have an AGA, so after I dried off the phone, I left it on a towel on top of the AGA simmering plate to begin the drying process. I checked the internet for suggestions (just Google 'dropped iPhone in water') and decided to try putting the iPhone into a freezer bag filled with uncooked rice. I turned the phone off, placed it into the bag and left it for 2 days on top of the AGA (any warm environment such as an airing cupboard would probably be equivalent)
After the 2 days were up, I turned the phone on and connected to iTunes to see if the phone was recognised - it was recognised by iTunes, but initially iTunes came up with an error message to the effect that my iPhone was locked by a passcode and it had to be unlocked first. I could not achieve any kind of unlock, because my iPhone just presented with the 'emergency telephone screen' option.

I used the Apple discussions site and other various YouTube,Hackintosh type sites to seek a solution.

Eventually, I decided to put the iPhone into DFU mode and to attempt a restore
(see this link if you are unsure about DFU
http://osxdaily.com/2010/06/24/iphone-dfu-mode-explained-and-how-to-enter-dfu-mo de-on-your-iphone/)

iTunes came back with error code 23. I searched for various solutions via Google but to no avail! I booked a slot with an Apple Genius at my local store, to be told that the phone was beyond repair and was offered a replacement for the princely sum of £139! The Genius also told me that the 'bag of uncooked rice' solution was just an old wives tale!
I declined the offer, because I was still convinced that the phone was recoverable;it had only been in the water for a a couple of seconds at most and when it was turned on I could make out my default 'wallpaper' behind the emergency telephone screen!

I tried the following and my iPhone is now working!
I held the 'on/off' button at the same time holding the 'home' button and the *'volume up'* button - and whilst still continually holding down these buttons, I 'cycled' through the various screens that should/will appear - 'Apple logo' on black screen, through to 'connect to iTunes' screen- allowing the scrolling through to happen *at least 3-4 times whilst still holding down the buttons and whilst connected to iTunes via USB cable* and eventually my iPhone turned itself back on, fully functioning, except for the time and date which had reverted to 01-01-2000!

I am not sure if this will necessarily work for you, because each set of circumstances wherein an iPhone is dropped into water are different, but if it does, then I am glad to have been able to share this with anyone who is about to give up all hope on their seemingly 'bricked' iPhone!

Best wishes in your attempts!