A company called Liquipel says they'll waterproof your iPhone for $60, you have to send it into them for the service. On their website they show a phone completely submerged in water.
http://www.pcworld.com/article/247784/make_your_iphone_waterproof_with_liquipel.html
Leo Laporte from This Week In Tech, gave it a try, sounds like they contacted him to try it out. He got the phone back and dunked it in a glass of water, didn't leave it there long. You can see from this video.
http://www.youtube.com/watch?v=XGzxedgfiac&feature=youtu.be&t=29m21s
And the phone stopped working. So he put the phone in a container of rice or something trying to completely dry it out, left it that way for some days. But just tweeted that the phone is definitely dead and he has to buy a new one. Because of course Liquipel makes not guarantees of it's "waterproof" service.



