In Trouble!!!....help

[dontouchmytouchpro]

I just woke up to my daughter dunking my (,,,,mmmmm?) 3 month old htc touch pro in a huge glass of water. It is steady vibrating and the torchlight is stuck on. I can not do anything with it. I tried the reset and the power off. Nothing. black screen. First off? do you think the phone is ruined or if it dries will it be ok. I always heard if electronics gets wet, just keep it off, let it dry, and it will be ok. I had past expierience with my old phone being off ahead of time and it was fine but this time it was on before hand. Second, I have it unlocked and r3born flashed on it. do you think they will ask for it back or should i just say i lost it if I need a new one. or do you think the water wiped out the drive in it so they wouldnt even be able to tell. ONe last thing? Since I have insurance on it, If I get a new one can I change the one that I want or do I have to get the same one. I would like to try a diff one. Sorry guys but it was either write this or my daughter would be getting thrown around. Thank you for your help