What to do when you drop your phone in water?

I was at work and my phone fell into the sink, I immediately took the battery out and took a paper towel and dryed it off. I let the battery stay out and I put it back in, it came back on but I didnt trust it so I kept the battery out. I got home and put it in a bag of rice, I also had somebody tell me to blow dry it. I did both. What are the chances my phone will work again? What else can I do?