My iphone 4s died due to water damage. Is there anyway I can get a replacement for less than full price?

Take it to an Apple store (make an appointment at the Genius bar first - http://www.apple.com/retail/geniusbar/). They will replace your phone for $199 in the US, comparable prices in other countries. If you purchased Applecare Plus when you bought the phone the replacement cost is only $49.

You are actually elligible for a cheaper replacement iPhone for $149.

You will actually be buying AppleCare + (http://www.apple.com/support/products/iphone.html)

Check out the link for more info on AppleCare +.