Rice may work if you keep the phone in it long enough and the water was pure enough. Years of owning a cellphone store taught me how to fix dunking, though.
1) IMMEDIATELY remove the battery!
2) Get a large plastic container, about 12" X12" or larger. Pour in at least 2" of rubbing alcohol. Put the phone into the alcohol and swish it around for a few minutes, to get alcohol all over the inside of the phone.
It'll wash off the dirt and minerals that were in the water and it absorbs water.
If you're adventurous, you can open the phone and wipe everything inside with an alcohol swab or other piece of gauze.
3) Take the phone out of the alcohol, shake it dry.
4) Now put it into rice for a day or two.
5) Give the battery the same treatment - it'll only take a second in the alcohol to dry it. Dip it in, shake it out, put it in the rice.
6) When everything is dry, the phone should work.
Drying it in rice alone, if any corrosive chemicals or some carbon dissolved in the water, got into the phone, may get the phone to work for a few days, or even a few weeks, but it's slowly being damaged by what you didn't remove, and it'll eventually stop working.