How do I fix my wet iphone 5?

Question

I recently dropped my brand new iphone in some water.  I pulled it out in a couple of seconds, dried it off thoroughly, then placed it in a bowl of rice for three days.  I did not intentionally turn on my phone after I got it wet, all I remember is seeing a distorted home screen before I shut it off right away and started drying it.  I pulled it out of the rice today and tried to turn it on with no luck.  I tried pressing the home and off/on button together which didn't work either.  Finally, I plugged it into my wall charger and lo and behold after a couple minutes the apple icon came up.  Unfortunetly, now it just keeps flashing on and off.  I've read almost every article online about this problem and none of them metion a blinking screen.  Most of them mention some form of response when turning it on.  Is my phone dead?  Is there anyway I can keep myself from loosing a $600 phone?  PLEASE HELP.

Answer 1

You'll have to get it serviced and pay for getting a new one:
Out-of-Warranty Service
If you own an iPhone that is ineligible for warranty service but is eligible for Out-of-Warranty (OOW) Service, Apple will service your iPhone for the Out-of-Warranty Service fee listed below.
iPhone model
Out-of-Warranty Service
iPhone 5
$229
iPhone 4S
$199
iPhone 4, iPhone 3GS,
iPhone 3G, Original iPhone
$149
A $6.95 shipping fee will be added if service is arranged through Apple and requires shipping. All fees are in U.S. dollars and are subject to local tax. When setting up out-of-warranty service, Apple will request credit card pre-authorization for the maximum service fee listed above.  This amount will be deducted from your credit limit. The final service fee we charge will be determined during testing and may be less than the service fee listed above.Certain damage is ineligible for out-of-warranty service, including catastrophic damage, such as the device separating into multiple pieces, and inoperability caused by unauthorized modifications. However, an iPhone that has failed due to contact with liquid may be eligible for out-of-warranty service.Apple reserves the right to determine whether or not your iPhone is eligible for Out-of-Warranty service. iPhones that are repaired or replaced have a 90-day limited hardware warranty or assume the remainder of your standard warranty or AppleCare service contract coverage, whichever is longer. Please see Apple's Repair Terms And Conditions for further details.
copied from Apple - Support - Service Answer Center