The thing people don't realize is this.. with any other device, you can simply pull the battery or replace it.. with the razr, if your battery drops below a certain percentage, it will not charge. FoxKat can provide you with the graph I'm sure.. but if it drops below that, it won't go into charge only. Few people have been successful in recovering one of these phones without a factory cable.. as I said before, not the supplied cable either.
And these devices can discharge rather quickly.. if you get the device soaked, your best bet is to get as much water out of it as possible, shut it down, and get it plugged in.
My only argument with the oven trick mentioned above is the heat itself can hurt the battery on these phones... heat is not something these batteries like..
So your choices are, do you have insurance? Because your warranty is gone...you can keep it off and charging, or keep it off and hope that all that time your device was stuck on the boot screen didn't kill your battery...
Also the chlorine will dry to a film which conducts electricity very very well. You're going to be fortunate if you don't have a film that shorts out and corrodes your board and other connections in the device. One possibility is an alcohol bath. That would clean the contaminants off.. but its your call.
Good luck.. let us know how it turns out