It will likely remain white when you wet it out, rather then going clear, and may not adhere well. I think the water effects the binders in CSM that the styrene in polyester resin dissolves.
Use at your own risk, others have had problems w wet CSM, esp when a lot of a roll has gotten very wet.
I would certainly do a test with the CSM on something you are not really needing a strong bond in an inconspicuous area. But be prepared to order more. JMHO
Strange when i had some get soaked i just streched it accross the garage wall on a rope with some clothes pins and let it dry for a few days. Used it on my Baylinner and its still going strong. Also wetout looked normal.