If the phone has yet to dry, try placing it in a closed jar of rice. Doing so will suck out most of the moisture. After that let it air dry for awhile or until you are confident that it is dry. Be sure that it is dry though, as attempting to power it on while it is still wet can short it out for good. From there give it a go. Sometimes they work again, sometimes they do not, as it depends on what components may have been damaged by the water.
The pink strip is used by the carrier/manufacturer in order to tell if a phone has been exposed to water, etc... for warranty-repair issues.