The airframe, engine and electronics all need different attention and it should have been started as soon as you got it out of the water. You already should have removed as much water as possible, turned the engine over to get any water out, if a lot got into the engine pull the plug and spin it over fast. Then and this is important, start the engine up and let it run until it reaches operating temperature to burn out any remaining water and to lubricate it with the oil in your fuel. You don't need the radio for this, operate it manually. Then pay attention to your radio gear. In fresh water most things will dry out and start working again. If you are in hi mineral water or very polluted water I would open everything up (radio equipment) and rinse it with good clean water, distilled if you have it. Trake that servo that doesn't work apart (bottom part) and rinse it. Set it in the sun or in your attic or hot car for a while. Hopefully it'll work again soon too. As far as your airframe once you get it dry check for crash damage, loose glue joints especially if a water based glue was used and warping of any wood parts. Warped wings are common and can be straightend with a head gun. Range check everything before you fly again.

Good luck!