Take it apart
Submerge it in distilled water
http://www.instructables.com/answers/HOW-CAN-I-FIX-A-CELL-PHONE-THAT-WENT-SWIMING-IN-SA/
Soak it in Isopropyl Alcohol (90% or higher I used 70%)
https://www.ifixit.com/Guide/Repairing+iPhone+Liquid+Damage/5825
Drain and shake out phone (don’t use a blow drier)
Seal it in a container with Silica Gel packets
http://www.macworld.co.uk/how-to/iphone/how-fix-rescue-water-damaged-apple-iphone-3448140/
Making silica gel packs (use silica crystals cat litter Walmart Brand is Mimi for $5)
Replacement Options:
New iPhone 6s 64gb ~$750 +$99 applecare
Costco $50 verizon rebate, $100 t-mobile rebate
http://membershipwireless.com/index.cfm/
Apple:
iPhone 5 out of warranty replacement $269
https://www.apple.com/support/iphone/repair/other/
New iPhone 5s 32gb is $499
New iPhone 6 64gb is $649
Amazon:
Iphone 6 64gb ~ $500
Iphone 5s 32gb ~ $400
Craigslist:
iPhone 5s 32gb or 64gb ~$250-300
http://orangecounty.craigslist.org/search/moa?sort=date&min_price=2&max_price=300&query=iphone+5s+32*%7C64*
iPhone 6 64gb ~$420-500
http://orangecounty.craigslist.org/search/moa?sort=date&min_price=2&max_price=500&query=iphone+6+64*
AppleCare ($99) must be purchased within 60 days of phone purchase:
http://www.apple.com/shop/product/S4575LL/A/applecare-for-iphone
