Can you fix water damage?

hey im very interested in getting my Motorola Droid 4 fixed, but i would like some more information. Here's what happened, i dropped it in a bucket of water and pulled it out right away(which the phone was still one at this time) well i knew it was wet and decided to throw it in a bowl of rice and let it dry, well the next morning i heard the ringer go off so i checked on it, and as soon as i picked it up and hit the unlock key it turned black on me.. so i left it there for 2 weeks. i plugged the phone in and it turned on and it showed the red Motorola symbol but wouldnt do anything else it was stuck on the same screen. i then checked it again to see the battery is now popping up but only says 0% and wouldnt change. so i gave up on the phone and purchased a new one. well i forgot i put it away and seen it today and decided to plug it in again. its been about a month or two now, well i plugged it in and it charged up to 100%, but when i turn it on the red symbol appears and it lights up but is still black.. do i have a chance of it getting fixed, or would i be better off to ditch the phone? Could you please help?