LOL yes it would

. Sorry about that though, that stinks.
Actually my Apple iPod Touch 2G 8GB went through the washing machine (the full cycle!) and survived without any problems! I left it in rice for a week before attempting to turn it on, and when I did the screen had spots all over it. I waited two more days, and *POOF*! Back to normal! Except the Wi-Fi reception has decreased significantly after restoring and re-jailbreaking.
Sorry about your phone though, for future reference, DO NOT turn on any electronic device after it got wet. If it's on "sleep" don't bother to turn it off, just leave it how it is and dry it in a bowl of uncooked rice for a week or so. If all the moisture gets out well you could be in luck. But since you've already used the phone and had problems I don't think there's much you can do now. I think you can replace the LCD screen for about $30:
LG Xenon LCD Screen repair