DROPPED MY LG COSMO TOUCH IN THE TOILET?!HELP ME.?

Okay so last night I had my phone in my pocket and as I was pulling up my pants, it fell in! I thought for a split second, then stuck my hand in a got it out (I was NOT gonna let my phone be ruined more than it was). I immediately dried it off and took out the battery. I called my dad on the house phone and he said to let it dry so I have it taken apart and drying on a towel. Should I put it in rice? Is there a chance it'll be okay? Getting a new one isn't a option at the moment and will my photos be gone forever?! I have one on there that is worth the world to me and i'm terrified. The ONLY option i have is rice because I don't have anything else, so really what i'm asking is will it work?