I'm not sure about the dryer part, but I've known people who have washed their home or cell phones. I've known others who have dropped their cell phone in a toilet. I had restroom sink incident that involved my Blackberry and my pocketbook filling up with water.
Anyway, what you may want to try is remove the battery and keep the phone parts separate and somewhere where they'll have the best chance of drying as quickly as possible. Even if the phone is going to come back, you may have to let it sit for as long as three days or so. The battery should be absolutely, completely, dry before putting it back in. I've seen people recommend drying the battery with a hair dryer (which leads me to think there's at least the chance the clothes dryer may not be as bad as one would think, although I know hair dryers have "cool" settings).
You could try putting the battery in and turning the phone on after a day or so, but that's not long (although maybe the dryer eliminated some of the moisture).
With my Blackberry, I tried it after a day or so - nothing. Then after several more hours passed I tried it, and it showed signs of trying to doing something but the display still wasn't anywhere close to right. Several hours later, I tried it again and the display looked a little better. Shortly after that, the whole thing appeared to be working (and WAS working).
I know the dryer isn't "the best" (to say the least), but some things are built surprisingly able to withstand some things. So, I'd do what I suggested above and see what happens. If it doesn't work in two or three days, even then I might leave it another few days just to see.