This is definitely a common thing, as we have blogged about it before. However, Engadget points out another way to dry up an accidentally water logged gadget. What is it? Absorbent, uncooked rice. Apparently, some patience with a blow dryer followed by submerging said gadget into a bowl of uncooked rice was enough to pull the moisture out of the device and get it powering up again.
Read more about it here