We have been doing water damage repair for several years, and have been chosen by Sprint for an outside source for repairs. We have proven and documented what happens when you put your phone in rice and the problems that are caused because of it.
The internet and people have stated to me they were told to leave their phone in rice for 24 hours and it would take all the water out.
This is incorrect what happens is the rice will suck the water through a path of least resistance, which can end up shorting your charge port, ear speaker, or headphone jack. You then go to plug it in thinking the water is completely gone and short something and cause permanent damage.
We have done our own tests using this theory and after 24 hours was able to open the phone and get almost 2 teaspoons of water out of it yet. After 96 hours almost a whole teaspoon, and then the corrosion from the water films over important circuits and case cause shorts that may not be noticeable right away but end up showing up later down the road.