My Sony ericsson phone dropped in a tub of soap water

My phone was vibrating because of the alarm and then all of a sudden, it droopped into the soap water next to where i put it. The alarm was still on but there was nothing in the sreen. i tries pressing the buttons but to no avail. The phone was totally wet, and the alarm was still on. I opend the back and took out the battery and the SIM card. There was a red colour coming from the tip of the battery. The screen is horribly wet now, there's water inside it. What should i do?