I found this...thought I would share with you guys.
From a DJI user:
I recently flew my Phantom to the bottom of the Harbor, which is salt water. I thought it was all over, however this wasn't the case. It was in the water for around 5 minutes before we fish dot out. We immediately removed the battery and flushed it with tap water. We took it home for further surgery. I opened up the case, and the camera case and poured a gallon of distiller water through it. Then I used the canned air to blow out as much water as possible. It was then suspended under an A/C vent, and left there for two days. I reassembled it, installed a new battery, and took it out for testing. It flew just like it was NIB.