iPhone 4 Screen Issue After Small Drop

My iPhone 4 was in my jeans pocket when I dropped the jeans into the empty laundry basket. It was maybe a 2 foot drop into a basket so the impact was minimal. Now when I turn the phone it I only get the top half of the screen and it is psychedelic in color and has streaks running up and down. I have turned the phone completly off and let it "rest" but it is the same when I power it back on. Any ideas? I really want to wait for the iPhone 5 before I upgrade....please tell me my phone doesn't need to be replaced early!

😟 😕 😮