Yes, of course its possible
The trick is to work out why its not turning on. The battery could be damaged or the charge port could be faulty. More commonly with any sort of liquid damage, corrosion will begin to set in over a short time.
The Rice Myth
If your iPhone has had liquid damage, we highly recommend to act fast to avoid data loss and send you device in ASAP. The rice myth on social media will only make you think you are doing something but in reality, its corroding away inside and could end up affecting the success rate of the data recovery process.
The Correct Way
We open up the iPhone and disconnect the battery. That is most important to stop the corrosion in its tracks. We will then look under a microscope at where the liquid as gone inside the iPhone. If the iPhone does not turn on as all, then we would look at ruling out a parts problem, so try a battery and charge port. Failing that we would look at a DC power supply.
The video above shows us a normal boot sequence. The bottom red number show the amount of current being drawn. A reading thats starts at 0.09 and runs up to 0.90 amps could be considered a normal boot sequence. A reading that jumps straight to 1.00 amps or more could indicate a short circuit somewhere on the logic board.
Once we locate the shorted component, hot air is used to remove and replace the component to get is booting again. sometimes one or more components need replacement and troubleshooting may take some time to completely diagnose the issues.
If the liquid goes to important areas likes around the CPU or baseband then data recovery may fail. The CPU is permanently locked to your information stored inside so if the CPU has failed, then all the information is lost forever (as of writing). Some goes for the basebands firmware chip and the NAND storage chip.