My OG 4G was submerged and I brought it back to life with no issues.
1. Like others have said do not turn the phone on
2. Do not blow dry the phone, if you have concerns with the contaminants in the pool water you CAN give the phone an alcohol wipe down. Alcohol evaporates quickly and can help to draw excess water out of small crevices while cleaning contacts, boards, etc
3. SETUP a drying chamber like others have recommended. Either using the rice
method or using a desiccant like Damp Rid. Put that in a shoe box along with
the phone and tightly seal it. 3 days minimum up to a full week. It took my
OG 5 days to come around.