There's a grain of truth (punny, huh?) to this in that rice quickly sucks up the surrounding moisture. Make sure the environment is free from excess humidity, drop the wet device in a container of rice and let it sit. For a better desiccant, it'd be a good idea to store all those little silica gel packets that come in anything from shoe boxes to moisture-sensitive gadgets.
Here are some more tips on drying out a soaked gadget from our very own Adam, who resuscitated a cell phone after swimming half a lap with it in his pocket. Thanks, Chris! DISPATCH FROM...A Wired-In Guy Getting Set for a Big Date [Washington Post via The BlackBerry Beat | ZDNet.com]
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