With water damage, you have to decontaminate the logic board before doing anything else.
Not every water-damaged device is recoverable and depending on the kind of liquid (salty, dirty, filthy), sometimes the success rate is quite low. That said, IMHO, it's always worth a try otherwise we are just piling up the e-waste.
The water is inside the device, on the logic board and under the shields, even under the IC's. The real problem is the mineral deposits that can cause short circuits or the corrosion that is taking place as the water evaporates. Leaving the power on the device accelerates the process. The longer you let a device sit, the more time you are giving corrosion to damage your logic board. The saltier or harder the water is, the more damage will occur. The water needs to be displaced, not evaporated.
The proper way treat a wet device is to do the following:
- Open your device and remove the logic board (follow this guide)
- Inspect the logic board, especially around the connectors and look for corrosion.
- Inspect both sides of the board. Unfortunately, most of the board is covered in shields. That's usually where the damage is occurring.
- Put your board in a container with >90% isopropyl alcohol and let it sit for a while.
- Use a soft brush, like a toothbrush and lightly brush away any corrosion you see.
- Rinse in alcohol and repeat.
- Let it air dry for a day.
- Re-assemble and hope for the best.
You should also replace the battery if it has swollen. Resist the temptation to pop it to let the gas out. A compromised Li-ion battery is a fire hazard. If the device appears to power up but behaves erratically, then use a tool like 3uTools to flash the firmware as it may be corrupted.