Copy internal storage from dead phone to new (same model) phone?
Internal storage doesn't not use the circuitry in the phone. There's no telling what's been fried, but an audible sound is not good. Next time you drop your phone in water, let it dry before you try using it.

Plug the phone into a PC using it's data cable. If it mounts, extract the data. If it doesn't mount, check the PC's device manager and see if any devices are showing up in the list that aren't being recognized by your OS. If there's nothing there, then you're pretty much out of luck.