How can you make a water-soaked phone work?

Try drying your water soaked phone with a hair dryer. Some people were lucky enough to have their phones still work after doing this. But if it doesn't really work even after blowing it dry, it's time you bring your phone to a repair center. If your phone is still under warranty, that will not cover any of the expenses for repair as the warranty only covers factory defects.

Having your phone repaired might cost you more than a new phone. So if that's the case, just buy a new one and be more careful next time so you won't get your phone soaked in water again.

put phone in a sealed jar of rice the rice absorbs all the water. blow drying can ruin the circuits

Most manufacturers warranty programs will not cover liquid damage, check the indicators under the battery and on the battery. Better off getting a replacement phone as the warranty has been voided.