Will my Samsung Gravity T phone survive water damage?

So I had a bag with my cell phone and a water bottle in it. After about an hour, i checked my bag and felt it was wet. It turns out water leaked out (about a gulp full) and my phone was dead, with the red indicator that is a sign of water damage. Two hours later I went and put it in a sack of rice, and has been there since. If I wait for more than 24 hours with it in the rice, what's the chances that the phone will survive? And how would I know if the phone's okay but the battery is dead?