Quartersawn wood (///) is a little tougher to judge as far as grain. You can see the growth rings on the wide side, but what you ahve to be concerned about is assessing the grain on the short sides. This is done by checking the little checks that show how the wood fibers run. If they run straight along the length of the board then you are in business. If they run off the board, then you better either back it or find another piece of wood. It'll mean that you don't ahve continuous fibers running along the back of your limbs, which is important to making a selfbow.
Good luck, the wet thing is no big deal as you have figured out.