Hello Im new here! It is possible to accomplish this task? I recently acquired a iPhone 4 water damaged and what it looks...

Are the connectors intact? the connector is really sensible so you have to be carful every time you disconnect that. check and see if one of the pins are broken you should have 4 coper pins in the battery connector. let us know.

Most of the time that error is because the battery is not giving juice to the boot loader chip, try first to change the battery since the boot loader only will work from the battery power even so if the phone is directly connected to the outlet.

Check the battery connectors in the logic board they tent to go bad if you pull it the wrong way.It sounds one of the coper pins are loose. if not did you got a Chinese battery for $2.00 of ebay? ;-)

Just for starters change the battery!, if the battery is bad the boot loader won't boot and you will get an IMEI error. Let us know :-)