Should I replace the dock connector because of water damage?

To date my iPhone 4 has taken 2 dips in water (one toilet bowl and one cup of water). The first swim was easily fixed by using the old rice trick. The last dip had more lasting effects.

After using rice, the phone became fully functional, except for the fact that the battery drained at an alarming rate. One night I fell asleep without connecting to a charger, and this seemed to be the final blow.

The phone does not turn on at all when standing alone. When it's plugged into a wall charger, I get a message saying that the phone needs to be connected to iTunes. When I connect to my computer, the phone does nothing but flash a silver apple on and off and iTunes/iPhoto does not recognize that the device is connected.

After reading about water damage, I gave changing the battery a try but to no avail. The symptoms are still the same. I refuse to believe it is dead since it worked for weeks after its last swim. Does anyone think changing the dock connector might do the trick? (the phone sat in an inch of water for a few minutes, dock side submerged, which is why I'm wondering about this possible fix...)