I'm no doctor but I'd say we've got a drowning victim here.
The phone may have dried out but getting the moisture in there in the first place will start the corrosion process...also, moisture can linger for a very long time. If its not under warranty pull the phone completely apart, its not very complicated, and get some compressed air and get every last nook and cranny blown dry and leave the phone apart in a dry place atleast for a day or two to make sure its dry..
Sent from my cm7 Aria.
HTC Aria --CM7-- retired as mp3 player
Samsung Captivate --CM7-- to the wifey
LG Thrill 4G --ThrillSeeker 2.2 -- Retired
Samsung Galaxy SII --CM9-- Current