BoingBoing had a blurb about it back in May.
Wet was a graphically innovative magazine that predated zines. I remember seeing some copies in the early 80s and liking the design a lot. The guys who made Wet later went on to write the Graphic Design Cookbook, which I used as inspiration for the print edition of bOING bOING. Designer Jennifer Sharpe (daughter of famed street prankster Mal Sharpe) has uploaded two complete issues to her site.