Will apple replace my water damaged phone?
I know that I'll be responsible to pay for it but I'm wondering if it's worth it to send it in if they're just going to send it back.
If you send it in they will most likely detect the water damage and contact you with the repair price and give you the options to pay or have it sent back unrepaired. You can find repair pricing information here http://www.apple.com/support/iphone/repair/screen-damage/