I work for ATT Mobility, we were just bought out by them.... When we were Cellular One a few years back we started using the alcohol dipping method and it has fixed almost every cellphone we tried recovering. We did however take the phone apart and place just the circuit board in the alcohol. A cellphone is basically a circuit board and a mic, speaker, and shell
. ONE WARNING: I have been in this business for 13 years (cellular) and water damage is sneaky. A device can start working and then a couple weeks or even a month later stop working. In MOST cases even if a phone works at first it stops working a couple weeks later, I am not counting the ones that we used alcohol on. A almost invisible rust or mold looking layer covers some of the circuits. A dry toothbrush gently used on them will sometimes recover them.
My wife dropped her LG phone into the lake this summer and it was on and we could see the display on in about 2 feet of water. She reached in and shook it and it has been working ever since. Strange things happen
I realize we are not talking cellphones here however I thought I would offer my experience with water and our prized toys