Every day millions of people around the world lose their cell phones because of water damage. Gone are your precious contacts, those hilarious photos and a good $600. This does not have to be you. Want to waterproof your iPhone? Now you can.

Thanks to a keen, spontaneous discovery by Yahoo News and ABC News' Bill Weir, a waterproof iPhone might be within your reach.

In Park City, Utah, covering an event, Weir and Kim stumbled upon a demonstration by representatives for a company called Liquipel based in Santa Ana, Calif. The guys dunked specially-treated iPhones into tanks of water and they came out working. Weir and Kim said the explanations for what appeared to be magic were somewhat vague, but the results seemed to be there.

Weir spoke to founders Danny McPhail and Kevin Bacon about the Liquipel covering. The two explained, in mildly complicated terms, how the coating is made and how it works. It took them approximately two and a half years to perfect it. It's the same as putting a case on your device, said one of the founders. They claim to be able to protect 90 percent of accidental water damage, such as drops in the toilet.

The electronic device is never damaged because the coating material is not solid, but breathable. The founders say that the list of things to cover with Liquipel is endless.

To Liquipel your iPhone, all you have to do is log onto the Liquipel Web site and choose your phone model then standard shipping or delivery. Yes, it is that easy.

If you do not believe the hype, check out this video of Bill Weir demonstrating the Liquipel power on a tissue. Both water and fruit juice just bead right off.