Mr. FS has some additions to my ecstatic rescued cell phone post.
It's not quite as simple as dumping the cell phone in a bag of rice--but it's still plenty simple. First, be sure not to turn the phone on, because you don't want to short out the circuits. Second, remove the battery. It doesn't hurt to put the battery in the rice with the phone. And that's about it. The little screen on our phone was full of water, but the rice got rid of it all, so this really works.
You can Google some variation of "rice dry cell phone" for more elaborate directions and discussions.
P.S. As per Shelley's query: I would wash the rice (as in the Asian tradition) and cook it!