Dropped my iPhone 4 in toilet help me!

ok so i accidentally knocked my iphone in the toilet.

i grabbed it out asap. The touch screen works fine and all, cellular signal and all that, it thinks there is headphones in all the time, i can't hear anyone on a call unless im on speaker, and now it just keeps going back and forth between on and off. And when i try to turn it off for good (slide to power off) i slide it, it powers off, but then just turns right back on!! i want to turn it off so i can try to dry it in rice or something. Will i just have to wait for it to die?? and when should i try plugging it into my computer or wall???

and if it ends up not being able to be saved, would i be able to get a new phone for the $199 replacement fee from apple?