Nah its definitely dry and the screen is definitely shot. As soon as it happened I pulled the battery and started shaking it get all the water out and I have had it sitting over a heating vent since. This happened last night btw. Didn't try turning it on till tonight and it turns on and seems to run fine other than the screen.
I dont think being rooted voids ur insurance, it voids ur warranty. My screen on my droid cracked and it was functional but u couldnt see anything, I got a replacement and havent heard annything from them. btw I was rooted.