Please note not all water damaged phones can be replaced. From my experience the sooner you jump onto it the more chance you have to recover it. I have restored phones that have been in the beach water for up to a hour and phones that have fell into the toilet.
If you wet your iphone I advise of the following:
1. Turn it off immediately. DO NOT try and turn it back on.
2. Arrange for someone to repair it or repair it yourself. Please note opening your phone can void warranty.
3. Ensure that the person who is repairing it is not ‘drying’ it out.
The required tools as outlined in this video are:
1. iSesamo Seperating Tool
2. Pentalobe Screw Driver
3. Phillips head screw driver
3. Isopropyl Alcohol or Rubbing Alcohol (ideally 70%+)
4. Hairdryer or a fan to dry our the logic board
5. iPhone 5 Screw Chart:
These can be found here:
It is also very common for the Battery or Power/Lock button to be affected by water damage so please ensure you check these.