1. Take the phone out of the liquid as soon as possible, assume it needs drying whether it is working or not.
  2. Do NOT switch on the phone immediately because it may cause the phone to short circuit thereby damaging the phone and its repair would make you spend a lot of money.
  3. Do not panic as your phone might not be too damaged if you take it out of the liquid right away.Remove the battery of the phone from the phone as this is very important in saving the phone; this is because electricity and most liquids do not mix and it would save many circuits in the phone from damage, provided they are not attached to a power source when wet.
  4. Remove your SIM card as a lot of information is stored on it. To some people saving the information on the SIM is more valuable than the phone itself. Pat it dry and keep aside till when you are about to switch on the phone.
  5. Remove all other peripherals and covers that can be removed as well as any other external connectors to open up as many gaps, slots and crevices in the phone to enable it dry up well.
  6. Dry up the phone well as any single drop left can damage the phone.
  7. Gently wipe off the liquid without dropping the phone. Avoid shaking or moving the phone excessively, so as to avoid moving the liquid through the phone.
  8. Wipe down using a paper towel or a towel. Ideally try not to clog the wet paper in the gaps and grooves of the phone. Keep wiping to gently remove as much liquid as possible.
  9. Dry any excess moisture by moving your dry hands and keep aside to dry naturally.
  10. After some time when you are sure that it is dry - at least after 24hrs, test your phone by fixing back all the peripherals and battery to the phone. Try turning it on.

If this doesn't work, try getting help from cell phone professionals.

REFERENCES 
Mobile Phone Tips and Tricks. Available at: http://forums.whirlpool.net.au/archive/576262