Hi there, mer1122 and welcome aboard...
Wet sanding is just what the term implies: Sanding using sandpaper that is previously soaked in water...
Soaking the base tissue of the sandpaper mainly serves two purposes:
1. It makes the sandpaper conform more easily and tightly to the surface being sanded.
2. It prevents sandpaper from clogging, thus making it more effective, as well as providing longer life for the sandpaper itself, which in turn results in a less tedious sandind job and a much smoother final surface.
Just make sure that you soak the sandpaper at regular intervals during the job, wipe thoroughly when done, and you're all set.