Faster Answers

Has anyone had success with this last ditch effort to recover a droid that was dropped in water and will not activate at all?

Take the phone apart and brush off all corrosion. It helps to use a little hydrogen peroxide solution to clean off any traces of the water. Let the phone sit and dry out completely. If it still doesn't turn on after that, measure your battery with a multimeter. If it is at zero volt despite your attempts to charge it, it may help to swap the battery. If you have a 5V powersupply you can try to feed the 5V into the battery directly for 5min (not longer!). If it doesn't turn on with a charged battery, you may need a new logic board. Repair could still be worth it. Disassembly guide is at Droid Repair Instructions