I have an iPhone 4 that I dropped partway in water. Due to the wetness, I turned it off ASAP and then threw it in a bag of rice. I waited a day and then powered it on again. It seemed to be partly working; I could sync to my PC and also could faintly make out the screen. For some reason, I decided to go ahead and update from iOS 5.0 to 5.0.1 while the phone was down. This went fine, although my screen was dark so I couldn't verify very much. I then took my phone apart and placed it in tupperware with rice. I waited another day and everything appears to be working, except for the wifi (greyed out) / bluetooth (can enter menu but it never find it). I had read that some people have had issues with wifi after updating to 5.0.1, but I am also thinking it could be a hardware issue due to possible water damage or reassembly. On a side note, I have not jailbroken yet.
I was wondering if anyone here could provide me with some troubleshooting instructions. I have reset the network settings, hard restarted, and restored my iPhone to no avail. My wifi address is N/A, and my bluetooth has an address, but I can't turn it on. I have an IMEI and my modem firmware is 04.11.08.
This is a hardware issue if the wifi/Bluetooth appears grayed out is due to water damage I do repair electronics for a living and I don't know any possible way to fix this.
Gotta ask. Have you done a reset on the network settings?
Sometimes we nuke the problem.
Other option, take your phone apart, and as you reassemble, use alcohol to clean the parts. I personally hate doing water damage. Low success rate.