ruined phone?

[gorelow]

my phone fell into a pail with water it was in there about 5 to 10 seconds. i pulled the battery out and used a blow dryer and put the battery back in and the flash came on. is that a good sign? dont know what else to do. did i screw things up by trying to turn it on without letting it dry out all night? i had this happen once before but never saw the flash come on as soon as the battery was put back in. im hoping for some good news because im not paying assurion 100 bucks, ill just upgrade but i still love my epic. thanks guys