For a living, I make, and sometimes install, boxes of electronics like the one below. Unfortunately, they have a habit of filling with water when in use; either because someone forgot to tighten a cable gland or because the air in the box is expanding and it's breathing down a cable. After a while of sloshing about they stop working and are send back to me. After I've opened them up, it will usually take 2~3 days in a very warm airing cupboard to get them going again. If you have a phone that is almost completely enclosed then I wouldn't be suprised if this took a week or two. If you can pull the back off then this should speed things up. But don't expect the phone to be very reliable again. When I take these boxes apart there's often a furry growth all over the place that takes a good deal of scrubbing with a toothbrush and IPA (Iso-propyl Alcohol, not India Pale Ale
) to get rid. Yep, ordinary tap water is full of stuff that will leave while splodges over any electronics but I'm not sure that dunking a whole phone in alcohol is ideal - it'll probably get into the LCD too.
My suggestion would be to keep drying it out but start thinking about a new phone too.