If you'r phone survived 45 minutes in salt water with only a garbled speaker, then consider yourself lucky. Regardless of the fact the phone works for now, you should open it up and properly inspect it. If you see any trace of water/salt on or near the logic board, it needs to be decontaminated promptly otherwise something else will fail down the line.
* Open your phone and remove the logic board
* Inspect the logic board, especially around the connectors and look for corrosion.
* Inspect both sides of the board. Unfortunately, most of the board is covered in shields. That's usually where the damage is occurring.
* Put your board in a container with >90% isopropyl alcohol and let it sit for a while.
* Use a soft brush, like a toothbrush and lightly brush away any corrosion you see.
* Rinse in alcohol and repeat.
* Let it air dry for a day.
* Re-assemble and hope for the best.
You should also replace the battery if it has swollen. Resist the temptation to pop it to let the gas out. A compromised Li-ion battery is a fire hazard. If the device appears to power up but behaves erratically, then use a tool like [http://www.3u.com/|3uTools] to flash the firmware as it may be corrupted.
A professional repair shop that does water damage repair may be able to recover your phone or the data because they have access to pro-level ultrasonic baths and specialized cleaners as well as the skills to troubleshoot your board. Many shops have a no fix/no fee policy so you don't have to spend money to find out if the phone is fixable or not.