Quote Originally Posted by earplug View Post
Wet clothing has minimal insulation. That's why you strip wet clothing off a cold wet involuntary swimmer.
Agreed. Minimal, but good quality (wool and some other options) still maintain some insulation when wet.

However, what Hollohas said is also true.

If you don't have dry/warm to change into, and have to put the cold/wet back on, it's better to leave them on.