I wouldn't submerge the phone in anything. Use a q tip or something to apply the alcohol to the ports on the phone. Depending on how long the phone was in the water will effect how far the water traveled. Components in phones are very compact and tolerances around the edge of the screen, between circuit boards, around buttons are very close. If you dropped it in the bucket and grabbed it out in less than a second the water probably didn't have time to penetrate deep into the phone. The longer it's in the water the more time the water has to work it's way in between everything. If you grabbed it quick enough the water may not have had a chance to get to the water indicator inside. If it did it would be pink, showing water made it that far. Lithium batteries themselves are waterproof, airtight actually, so the battery will be ok. The components on the other hand are not so if something fries then it will be that. It all depends on if the water made it to location on the circuit board where it could create a short between two paths that should be isolated. If it didn't you're in luck, and by the sound of it (you turning the phone off) you might be ok. The error message you saw about the SIM card just means that water probably got in between the contacts and the card, breaking the circuit. It may have made it past there, maybe not.