Does anybody else have a procedure for what to do when a piece of electronics falls in salt water? I know I do!
First, DO NOT REMOVE THE DEVICE FROM THE WATER! Corrosion will begin as soon as the air touches it.
Second, remove the battery. The voltage and salt water will (besides shorting stuff out) eat away at contacts.
Third, move the device to fresh water, and change it every few hours. The idea is to replace the salt water inside the device with fresh water. You can try to disassemble the device underwater if you like. In the end, you should be using distilled/deionized water. You can use a multimeter to see if any salt (or other ions) are in the water.
Fourth, air dry the device for a LONG time. I mean long. Think days, not hours. A little heat is OK, but nothing above what would be considered "warm" (maybe 100 F).
I've managed to save a couple cameras (film, not digital), a cell phone (definitely digital

), and an boombox (with CD player). It isn't foolproof (i save about 75% of things I salvage), but it has saved a few valuable artifacts.