dropped it in water what are my options

have fixed a few water damaged iphones and the only good solution is to strip the phone to the shell- remove motherboard, carefully take off metal cover which is over components, get isopropyl alcohol 90%, soft brush (i use a make up brush) and clean everything including the connectors to display unit/dock connector. water leaves a white or greenish residue/corrosion which will not be removed by using the rice method. if you only do this then you will not sort any further problems from occurring. once the phone has been cleaned you need to leave for several hours before reassembling and attempting to power up.

the most common problem i have is with batteries and dock connectors shorting with the water. if it doesn't seem to power up, borrow a friends phone and swap the motherboards over,then you'll know if you will have a working iphone. and maybe which parts to replace...

good luck.