Other than using the Heal Orbs to dry yourself, the only other way to stop being wet is to use the Kindle Fire to warm you and your armor up.
As a Status Effect, this one can potentially be fatal. It depends on the the enemies and bosses you are facing. Frostbitten will make it even worse, and some bossse do use Frost Attacks, and for potentially devasating damage as you get higher and higher into the game. Your HP, defense, and the zone you are in it(bosses you will face) are the main things to consider when deciding if you need to fix this.
The following locations, enemies, and bosses can cause you to become Wet.
- Training Dojo: Arch Bridge(#4 on the map)
- Mysterious Mountain: Goblin(Enemy)
- Cursed Forest: Dead Water(#2 on the map)
- Mage Tower: Stairway of Trials(#2 on the map)
- Polar Glacier: Floating Ice(#2 on the map), Thin Ice(#7), Relaxed Slime(Enemy)
- Imperial Tomb: Lobby of Undead(#2 on the map), Borderline of Life & Death(#13)
- Canyon of Immortality: Heavy Fog(#2 on the map), Canyon Tunnel(#14), Wind Walker(Enemy)
- Dragon Archipelago: Dragon Triangle(#2 on the map)
- Abyssal Sea: Dead Sea(#2 on the map), Destroyed Pirate Bay(#8), Tsunami Cove(#12), Sea Serpent(Enemy), Hydra(Enemy), Fisher(Rare Enemy), Leviathan(2nd Boss)
- Impact Site: Micro-bacteria Hotbed(#3 on the map)
- Hellgate: Tunnel of Exile(#2 on the map), Slaughterhouse(#6)
- Skyland: Sky Falls(#5 on the map), Grand Sky Avenue(#9), Cloud Temple(#14)
- Pandemonium: Phantom Fire(#5 on the map), Path of Soul Imprisonment(#10)