The first night I had my old iPhone 3G, I leaned over to put on my desk without looking and put it directly into a glass of water. It wasn't totally submerged like yours, but it did recover just fine.
THEN, last year, right after I got the iPhone 4, I was in a bad car accident that caused an almost-full 44 oz. Diet Coke to spill onto my phone, leaving it sitting in a puddle for about 20 minutes until the medics checked us out and I went back for it. That also recovered perfectly, but it took a couple of days. It was shutting itself on and off and the flash wouldn't turn off, so I left it off for a day and then it was fine.
Oh, and I've had 2 Macbooks survive bad spills — one with a glass of Diet Coke and one with a full cup of chocolate soy milk
So there is hope!!
Good luck!!