If an Abbrassive wheel is soaked in WATER only , then yes it
will be usable when it is left to dry.
If the wheel is not abundant with water as such it is breaking
apart, like sand paste.
Also the wheel may be rid of the water load by starting up the
machine . Only do this if the residue is left, the weight of the
water may cause the un-balance of the wheel resulting in the wheel
rotating in a lobe fashion or breaking.