I took my iPhone 4 into a jacuzzi for 10 minutes...
It didn't work after that. Since then it has gradually come back to life. The screen is working perfectly, including touch. The buttons work, but the speakers and microphones do not. I can play music through headphones, but not make any calls, or connect to any wifi, or pair any bluetooth devices. So I guess the wireless chippery is broken. The fact that this one displays "Searching..." like mine, suggests his wireless chippery is broken too! I found the thing with the most visible damage is the battery. This has a tiny circuit inside the wrapping tape, and this has clearly tried to electrolyse the fluid that seeped. It is all white and furry! My enquiries about getting it repaired suggested that the logic board would need replacing, because the lack of wireless connectivity, and it would be cheaper to get a new phone instead.