Wet Iphone 4 wont power on and flash light stays on-Help

The bag containing my iphone got caught in the rain yesterday, and my phone wet as a result. It initially worked as normal but a little slow, then I realised it had gone off completely. Although the screen was completely blank, the flashlight stayed on.
After reading a few forums online I put my phone into a ziplock freezer bag full of rice and 1 silica gel pack.
Eventually the light went off (I guess as the battery died), After 24hours I took it out the bag and plugged it in the wall. The apple logo came up then immediately aftwards the screen went blank, but the flashlight came back on and a clicking noise seemed to be coming from the camera.
Im a bit concerened now, and have put the phone back into the rice bag.
Does anyone have any tips to help me or is the phone dead?
I cant remember the last time I backed the phone up, so is it likely Ive lost the data I havent backed up?
Thanks
Paul
Iphone4