Seal it in a bowl of rice or seal it in a container with dessicant (Damp Rid).
That may save it a little while but most of the time, once it has been wet, things will begin to malfunction over time.
Daughter dropped her IPhone in water, it worked about 2 weeks after the drop and drying out in Damp Rid. Then it just died suddenly. We had the 2 year Apple Care plan and were able to get it replaced at a much lower rate vs buying a brand new one.
Keep in mind that there are indicatiors that will be obvious to the dealer that the phone was wet, therefore any warranty will be voided unless you have the extra plan.