I dropped my phone in the water yesterday afternoon, I've been letting it sit and dry until now. I turn it on and all its doing blinking.

Did you try removing the battery and wiping everying down in and out with rubbing alcohol and then let the phone sit in the rice for 24 hours?

Other than that, my only suggestion would be to open the phone apart and clean all the parts inside and make sure everything is dry.

Number 1 rule if your phone gets wet... DO NOT turn it on.
Remove the battery from the phone. get a small ziploc freezer bag place phone in bag pour uncooked grains of rice into bag. Enough to cover phone completely. Close bag. Let it sit for at least 2 days.
This is to absorb all the moisture from the phone. Remove phone, insert battery and try using it. It may work. But you need to wait until your phone is completely dry before attempting to use it.

I am sorry but whenever any modern day electronic equipment is exposed to water, especially if it was on. Then it will be a total loss. You see there is an instantaneous, chemical reaction, as soon as the water and the electronics mix. Current tracks, where it is NOT meant to be, and causes catastrophic damage, and no amount of "Drying out" will ever do anything, as the damage has already been done. You will have to get a new phone, it is as simple as that sorry.

let it dry completely out. Remove your battery before it too get's damage. Let the phone sit near heat, not directly in it, face down. Try the phone every day or so. Check the water mark in the back of phone to see if red or pink. To do this remove the battery cover and battery. Should be a white piece of paper round or square, might be red or pink now, if red or pink, that's not good.

I also dropped my Samsung Impression in the toilet, I immediately took the phone took the protective case off, took the battery cover off, and took the battery and my SIM card out and towel dried it as best as I could. Then I sat it on the floor next to my fan and let it dry until I got to my grandparents a little while later and I put it in a bowl of rice, completely covered the phone and battery with rice and left it sit overnight in the rice and all of the next day, so far i've had it on about 20 minutes and have had no problems with it so far, another solution is to sit it in the sun, to further dry it out. Water damage will void warranties on your phone and battery and your provider will know instantly if the damage was water related when they take your battery cover off, there is a small square sticker that when dry and hasn't touched water should be white, but as soon as it comes into contact with water it turns red, there is also one of these stickers on the battery. My stickers were red and after sitting in the rice they look like they got lighter in color considerably, I don't know if that is really possible but appearance wise it looks that way. I hope this helps anyone who has had this problem. Good Luck!

Let it DRY up! Remove the battery and let it sit, open, for several hours, if not days. It needs to dry up completely before it can operate again, if you're lucky. My wife dropped hers in the toilet, but quickly did what I suggest, and the phone was fine the following day.

turn off phone if possible then take out battery and sim card lay on a flat and dry area take kleenex and wipe off the water then let sit for a few days do not put the battery and sim card back in for at least three days

Try to let the phone dry out by itself, set it on the window sill let it dry out for a little while, a lot of times water still gets down (internally) inside the phone, so it looks dry on the outside but it's still wet on the inside of the internal components. Try to let it dry out for a couple hours in the sunlight, caution, though, don't let the screen sit with direct sunlight bearing down on it.

I would caution on using the blowdryer, too hot of a setting can damage the internal components, so use the lowest setting possible. you can also try a low suction vacuum cleaner, also...

Ensure you:

Immediately take the battery out, and leave it out, water and electrical components don't mix.
Take out the sim card and attempt to dry it, just be careful with it because it's sensitive.

Let it sit next to a low heat source for a couple of days, periodically checking up on it. But I would'nt try to power it back up until you are confident that all the water is gone and evaporated out of the phone, otherwise you could fry the internal circuits and damage your phone.

you need to take the phone and have them fully service the phone for you

this happened to me for more then 3 seconds in water for the razor, turn off the phone, remove the battery and SIM card, let it sit in a dry place over night, and check again next day, it should be fully functional