The real killer is corrosion. If you get it dried out quickly enough, there's a good chance it'll be okay. But the circuit pathways are pure copper, zinc, etc which means they'll rust very quickly (sometimes within a day) and that'll do the phone in. It's not working right now because it probably still has moisture in there shorting out the circuit pathways. I doubt the output of the battery would be enough to fry it, but I definitely wouldn't plug it in until it's completely dry. Get a can of compressed air and use the whole damn can to blow air through every nook and cranny on the device, and do the rice thing. It's also nice and hot outside in most parts of the country about now, so I'd wrap it in a paper towel and set it on the dashboard of your car tomorrow (crack a window if you happen to be in South Texas or Florida though...)
Leave the battery out of that process, though, because extreme heat is bad for batteries.
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