Spilt tea on iPhone 4 - PANICKING LIKE MAD

Hi everyone!
So I knocked a cup of tea (milk and no sugar, if it's relevant) over on my desk and it landed on my iPhone 4.  I dried it with a cloth pretty much instantly and it was still working - except for the external speaker.  It won't make any noise (though I've tried it with headphones and they work okay).
Any advice?  I've removed the SIM, turned it off and had it in a box of rice on top of the radiator for about 2 hours.  I'm a poor student so I can't afford to replace it if it's broken!  Is it possible to have the speaker repaired, and if so how much could this cost?
Thanks!

Just for the future, and forgive me if it's obvious, but I have an iPhone 4 from the first day possible, and adopted a simple rule: never have the phone on the same surface or a lower, associated surface, than any liquid. Never let a child hold it. Always have it in a cover that protects all sides of it. Never leave it near an edge that my cat can pull it down from. Never carry it in a pocket from which it can escape without jumping or undoing a zip.
It cost me about six hundred quid. I should be less paranoid?

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