You are quite lucky that it's working at all.
I would power it down immediately and place it in a (get ready) bowl of uncooked white rice (I'm serious). The dry uncooked rice will help draw moisture from inside the phone, possibly salvaging the phone and maybe, just maybe solving that notification light issue.
The phone may work now, but it's on borrowed time. How much time it has is entirely a crap shoot.
Geri O
