Remove the battery cover, battery, and SD Card and submerge the Eris in a bowl of uncooked white rice for a day. The rice will absorb all the moisture and it should work fine. Do not use a hair dryer to dry it, as you will damage the circuitry.
Urban legend? Maybe not… several AFers including the OP (gridbug) reported that this worked wonders for them:
UPDATE: These tears you see are tears of joy. The uncooked rice treatment resurrected my Droid Eris from its accidental soaking. Battery is good, all system settings are intact, volume rockers operational, controls are responsive, headphone jack still good. Extra special thanks to Mahatma brand rice… best 1.50 I ever spent!
Initially I recommended my friend use a hair dryer (but not too close) but others in the thread say this can affect the phone’s circuitry. Another member suggested that putting your phone in the freezer can work although I’m most skeptical about this one.
Have you tried any of these solutions to your water submerged phone? Did they work?
[Via AndroidForums, Thanks Gridbug!]