I accidentally dropped my iphone into the toilet. (It was only in the water for two seconds, if that long)

Right after I dropped it in, I got it out and into a bag of rice. After a little while, I tried using it, and it seemed fine. I could text, open apps, and use the home button. I left it in the bag of rice and kept using it. It kept telling me that charging was not supported with that accessory, and I assume that was just from rice getting into the place where the charger goes. After a few minutes, the screen went black with a few white bars running from top to bottom and then went black completely. I then left it in the rice and didn't touch it for about half an hour, when I tried to restart it. Restarting it didn't work, so now it's sitting in the rice and I'm going to try again tomorrow.

Has anyone gotten their iPhone working again after dropping it in water? And if so, what did you do?

Basically, is there any hope of getting my iPhone functioning again, or do I need to send it in to be fixed or buy a new phone?

It's an iPhone 3GS if that matters any.

Thank you