I have never done the rice thing before, but I will keep it in mind for the next water related mishap.

I have had success in the past with the alcohol method. I have also had a pretty good track record of fixing electronics by sticking them in the freezer (closer to the front no more than 20 minutes - only after components have dried).

I can't remember who told me that one, but it has worked for me and a number of friends.