Sterling Ropes claim of 70% loss of strength in wet ropes is a bit confusing. Their numbers apparently refer to the reduction in the number of UIAA falls survived in testing, not to a reduction in the static breaking strength of the rope. (11 falls to 3 falls = 73% "loss", 11 falls to 7 falls= 36% "loss"). They are talking about static belays on a dynamic (climbing) rope here, with a fall factor of 1.71. If you are rapping (rather than falling) the static load on your rope is just your weight, so don't worry.
According to the best test data I can find on line, soaking reduces the strength of 10.5 mm static rope on a Figure 8 knot by 12 +/-2% to roughly 17 kN. If you are carrying the beer and the hardware you might weigh about 1 kN.
By the way, the rope strength is restored once the rope is dry again. No harm done!
Yea thanks I'm over that one. I climbed and rapped on a wet rope this weekend with no harm done. It was kinda funny watching the water squegge out as it passed through the ATC. As long as your not taking a bunch of really huge falls in a short pierod of time you will be fine. My biggest worry was friction thru the device and my belayer's hand especially with my new skinny rope.