[subhumanderelict]

Well, I don't know about fixing the button itself. Doing that might require you to actually open your phone up and poke around. If you want to disable the button so it doesn't constantly open up I.E., you can go to Start --> Settings --> Buttons, then select Button 2. On "Assign a program" drop-down menu, find "<none>" (near the top) and hit "ok."

Of course, you will no longer be able to use the button, but at least I.E. won't open itself up all the time. If you ever get your phone wet, I hear a good thing to do right away is put it in a jar of dry rice for a few hours.

http://www.wikihow.com/Save-a-Wet-Cell-Phone