I dropped my first cell, a nokia into the toilet bowl (it was in my back pocket) and it worked just fine after a day.

The second phone I dropped in water was a total loss. It was my first razr, two days after I got it. Was walking through a constuction area and had it in my hand, guy almost ran over me on his bike and scared the crap out of me. Long story short, it flew across the sidewalk and into the hole in the street filled with water and a couple construction guys.

They fished it out for me, but I needed a new one.

See More: Wet Cell Phone - What To Do if Your Cell Phone Gets Wet!