My phone was drowned into the water

Make an appointment at the nearest Genius Bar to have your iPhone

evaluated. The Apple staff will explain your options after they test

the iPhone. Most likely scenario is that you will need to purchase

an Out of Warranty replacement iPhone, which will be the same color,

memory, lock/unlock status as the iPhone being replaced.

Make a Genius Bar Reservation

http://www.apple.com/retail/geniusbar/

Costs below are US$, adjust as needed for your location