How can I fix my w580/ get rid of water damage?

I accidentally put my phone in the washing machine.. I realised within two minutes and when I took it out it was vibrating constantly and the lights on the side were bright red (sony ericsson w580). I dried it with a towel then gave it a good blast with a hair dryer with no result other than the red light being on.. it's been left open since in a warm and dry place..think there is anything I can do to fix it or at least get rid of the appearance of water damage?
Many thanks.