After doing all wrong things with my N70 finally I got the process right.
1) Switch the phone Off Immediately. (I know u cant resist the temptation! But, Please Do not try to switch it on!)
2) Do not try to charge the phone or do not place battery in the phone. ( It can damage some circuits inside the phone.. )
3) Remove the Battery, SIM Card and dry the parts for at least twelve hours. (Yes Please.. )
4) Check if its working, else submit it for water logging repair in the service center. (The final Destination!)