IDK about the rice thing either. I used to work at a motorola 2-way radio place. We had several times where portable two ways had been dropped into pools or sinks and submersed for several minutes.
the head tech at the shop would just spay tons of wd40 into the radios dispersing any moisture that was in side. MOST of the time that had them working in minutes. The paper cones on the speakers were usually ruined, but the electronics survived. Fresh water doesnt conduct electricity very well, so as long as you dry it out BEFORE the lead and tin on the circuit boards start to corrode you should be fine. Water and air are both required for oxidation to occur quickly. The rice trick would allow moisture too much time to do damage before it "draws" the water out.
I would lean toward the hair dryer method over the rice. Get it warm enough to evaporate the water quickly.
