A wet phone is every iPhone owners' worst nightmare, especially since Apple's warranty does not cover liquid damage. Using a blow dryer may speed up the drying process, but it will not affect the Liquid Contact Indicators that prove the device was wet. Using a blow dryer is just one way to dry out an iPhone, and it should be used with caution.
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Turn a blow dryer on the "Cool" setting and blow toward the rear of the phone. Anything higher than that could cause permanent damage, so if your dryer does not have this setting, do not use it. Be particularly careful with the screen, because it's sensitive to heat. Even though blow drying is one of the fastest ways to evaporate moisture, it's important to wait a few days before attempting to turn on your phone. If it doesn't completely dry out first, the remaining water will short-circuit the device beyond repair.
Rice has natural, moisture-absorbing properties. Place the iPhone in a bowl of dry rice and let it sit for a couple of days. Any type of rice will work, as long as it is uncooked. This is a sure-fire way to eliminate moisture without using heat. For the best results, make sure the phone is completely buried in a bowl of the grain.
Moisture kits are special baggies designed to eliminate moisture from electronic devices. They contain bead packets that do all the work. Turn off your iPhone and seal it in one of these bags overnight. You can re-use the bags until the beads turn white, which indicates it's time to replace it. The kits can be purchased from bheestie.com and save-a-phone.com.
Leaving your iPhone out to air dry is perhaps the safest method of all. It takes longer, but there's no risk of damage from heat or chemicals. To speed up the process, place the iPhone near a windowsill or other light source, but never in direct sunlight. Too much sunlight can generate heat and prove as potentially damaging as a blow dryer.