I see lots of liquid damaged iPhones, iPads, and iPods on a regular basis. If you don't have AppleCare+, your warranty won't cover liquid damage. This is why a lot of people turn to places like The Pod Drop to reverse the damage. Not only can it be a lot cheaper than replacing an iPhone, iPad, or iPod, but it can allow you to get lots more use out of it.
If you are ever faced with the dreaded task of figuring out what to do with a water damaged iPhone, iPad, or iPod, there are some things you can do, as well as some things you should not do, before taking it in for service that will help mitigate the damage therefore making the success rate of repairing it much higher.