Water corrodes the electronics. The longer you keep the phone without drying, the more chances there are of causing irreparable damage. Water also conducts electricity, so the risk of causing a damaging short circuits are very high unless you immediately remove the battery, ... do not try to power it back on until perfectly dry ... one way to make sure it dries all internal parts, put it in a tupperware with rice for a few days ... If it's salt water, things are much worse, corrosion will work much faster because of the salt. In that case I managed to save my phone by sinking it in pure alcohol ... shake it well so that the alcohol reaches everywhere, it helps to disolve the salt and get it out ... Then, after a few hours in the alcohol, let it dry in the rice for a few days before trying to switch it back on.
Anyway, your case is very special because it's been so long since the water damage. But the advice above is general ... and the key is to react quickly!