There is a detailed report on this topic in the SPT Journal September/October 1977, which was just published on Learn Camera Repair:
Society of Photo-Technologists Journal
learncamerarepair.com
I think fixing water damage to a camera is the most work with the least chance of success. Corrosion is the worst enemy for mechanics and electronics. If it's salt water, it gets even worse.
More on the topic:
Tutorial by Gene Pate
learncamerarepair.com
In a tutorial, Simon Pate shows how to repair water damage on a Minolta X-700 with in-depth disassembly.
Thomas Tomosy, Camera Maintenance and Repair, Book 2, Buffalo: Amherst, 1997
Chapter six - Water, Moisture, Rust, Sand, and Fungus Damage
When you get a water damaged camera, ask the following questions. Was the camera completely submerged? Was it in salt water or fresh water? How long ago did this happen?