Over Christmas 2008, I had an accident with my BlackBerry 8830 World Edition. For a number of days the phone was completely fried. This post explains how I was able to revive it.
1. The Support Ticket: It has to drown first
Kids, don't try this at home, especially on company equipment. However, if you ever do happen to drop your BlackBerry into water, it will die.
It happened to me, unfortunately. Here is the support ticket exactly as I submitted it to IT:
"My BlackBerry fell into the sink and was submerged in a solution of water and chicken broth for about 1.2 seconds. I dried it off with a towel and blow dryer, then buried it in a bowl of rice. It doesn’t seem to be working.
I was considering placing it in the oven at a low temperature [I've heard that's worked before]. But I probably need to just request a new one. Any chance of that? Hope you guys are laughing by now."

2. First Attempt: Rice Didn't Work For Me
I've heard of people drying out their phone by sticking it in a bowl of rice. I tried this. For two or three days I tried this. No cigar.

3. Second Attempt: Recipe for Baked BlackBerry
Due to what is known around the office as the CEE [Current Economic Crisis] I decided on one more attempt at salvaging my phone. Here was my recipe for Baked BlackBerry:
1. Preheat the oven to about 100 Degrees Fahrenheit
2. Remove the battery and backing from your phone
3. Put your BlackBerry in an oven-safe, non-metal container [Corningware]
4. Place the bowl with the BlackBerry into the oven
5. Turn off the gas [This probably shouldn't be done in an electric oven]
6. Close the door and let it sit in there until it is cool to the touch.
The second time I did this, my phone worked!!! It didn't even smell of chicken broth.
My compliments to the folks at RIM.

Conclusion
I don't know that any of this would have worked had I not immediately removed the battery and backing when my phone got wet. Leaving the phone on with water in it is not advisable.
Note: This is not a procedure either Bomgar or (to my knowledge) RIM supports. Thus its placement in the Horror/Humor Stories section of the site. :-)