my sony ericsson k10i fell in water and now wont work?

My phone has fallen into water, I have wiped it off and when I tried to turn it on it vibrated a bit and tried to start up but didn't, I tried it again and it vibrated longer and tried to start up again but didn't, for a while the orange light on the camera came on and stayed on for sometime then went off, it has been several hours now and nothing is happening at all, is it forever dead or will it eventually dry out and be ok? thanks.