My iphone is pretty much toast, isn't it?

In My Humble Opinion
1

Here’s the situation.
Iphone dropped out of pocket into toilet.
I rescued it immediately and dried it off.
I saw the apple icon light up but was unable to shut it off before it went dead.
I popped out the sim card and shook out all the water I could.
Before I could do anything else, it started making a sizzling sound and got very hot.
Now it is cold and dead.

There are lots of people on the internet recommending putting it in rice or dessicant packages. Is this likely to be of any help at this point? Is it possible that I just shorted out the battery and have some hope of saving the rest or should I cut my losses and just buy a new phone. I’m sure it’s out of warranty since it is several years old.

2

It’s dead, Jim.

The “getting very hot” is a bad sign - something shorted the battery. It’s conceivable that it could be repaired, but it’s most likely not worth the expense.

3

Here to second that it’s dead.
If it’s brand new and in great shape, you might be able to sell it for the glass or case, but either one will not get you much money.

4

See if they can do anything for you at an Apple Store. Maybe nothing, but it can’t hurt to inquire.