Fix my Iphone or buy another?

My Iphone 4 fell out of my back pocket today when I was going to the bathroom and fell into the toilet. It fell completely in but I took it out within seconds and dried off what I could. It seemed to have been working fine, I could still send and receive texts. I haven't made or gotten any phone calls but so far I can tell the sound is gone. I can't listen to music or hear text tones. I was able to receive a Facetime call but I couldn't hear anything. When it was ringing though, I did hear that a little, but not normally. I'm debating whether or not to put it in rice for a couple hours - 2 days. Would this help? Or will the sound adjust itself?
Added (1). I'd rather not keep my phone in rice if it won't help or if it'd be easier just to get a new phone. I have Verizon and I don't get an upgrade until next June. Do you think it'd be easy to upgrade early or get a new phone for a decent price? I don't have insurance on my phone and I have a family plan with my mom and brother if that matters. Also it's a white 8 GB. Thanks!

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