OK - I Don't know if this will work for anyone else, but 9 months ago I went into a hot tub with my new S3 in my pocket... Was in the tub for about 2 1/2 minutes before I realized it was there. I reached down and felt the phone in my pocket and thought how stupid. The phone was 2 weeks old. I just assumed it was toast and I was going to get my old working phone back. I was in a hotel at the time. I went up to my room, pulled the battery and water poured out. I wasn't even going to try to get it working but thought what the heck. I left the battery out and tried to shake out as much water as I could. I then set it on it's side leaning it against a towel. I put the hotel hair dryer on it for about 20 minutes - high heat, low speed. I went to turn the phone over to do the same on the screen side and the phone was so hot I could hardly handle it. I went ahead and did the other side for 20 more minutes. The whole phone was so hot I had to let it cools before I could handle it at all. I figured it had to have melted all the components inside. After the phone completely cooled in about 45 minutes, I put the battery back in, turn it on and Voila!!! EVERYTHING is working perfectly. Applications, the microphone, earpiece, speakerphone, front and back camera... everything. I was totally shocked. I made calls to and from it. I took front and back side pics with it and they looked just as clear as the first ones taken before the drowning. I figured at least some chlorine would be left in the phone and would eventually eat away at fragile components, but not yet.
As a side note I went online AFTER I heated the phone with the hairdryer and everything I read said don't use a hairdryer as it can damage inside components and blow the water further into the phone - only put it in a bag of rice. I never did put it in rice. At this point, I am glad It all worked out. I don't know if this would be the outcome for anyone else, but after 8 month, it is still working great.