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Yes, RSD Lite 4.6 or up is essential to this process, unless you're on a Mac or Linux. In Linux you'll need a program called sbf_flash and if you're on a mac you're out of luck unless you run a Linux live CD.
Just familiarize yourself with the procedure. It's pretty simple, just remember to catch the boot to make sure it passes. If it passes then you're good to try to boot, but after immersion in water and drying out for 3 days there's a good chance it wont' come back -- but I've seen it happen. Good luck!
However, before you do anything else, when you say you dried it out for 3 days, was that open-air with the battery pulled, in rice, in desiccant, what?