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No, just kidding. It refers to the way ammunition was stowed inside the tank. The "wet" stowage had the ammo stored in cases that were surrounded by something along the lines of anti-freeze. The idea was, if the ammo bin was penetrated, the anti-freeze would pour over the ammo and prevent fires. It was apparently pretty successful. It was used on:
M4A3 75 late (sometimes called M4A3 75w, the w meaning wet)...the type with the 47 degree angled glacis.
It was also used on all of the 76mm armed Shermans (M4A1 76w, M4A2 76w, M4A3 76w).
I believe those were the only variants that had the wet stowage. The later M4A2 w/47 degree glacis still had dry stowage, which was why it was still fitted with the extra applique plates on the outside.
I'm sure if I've omitted something or gotten something wrong, Roy chow or another Shermaholic will chime in......in the future, though, you might want to post such a question in the allied forum. This forum is more for "Tricks and Tips", such as "how do you remove paint, how do you get decals not to 'shine', etc.".