EXACTLY RON!!!!!!!!!!
Actualy it is the WOOL against your skin that keeps you WARM!!!!! The cotton(yes even when wet)acualy helps to RETAIN the body heat!!! If the wet cotton is not against your skin,it cannot possibly sap any heat from your body!!!!!
If the cotton is wet,air connot possibly go through it. Think "waterboarding" for those of you who "know"...
It's much like wearing a raincoat on a hot summer day. It can be pouring out and although the rain can't get through,you are still "wet" from perspiration and sweating.
Where cotton creates problems,is people going out into the backcountry with ONLY cotton clothing!!! They have no means of drying thier clothing if it gets wet,and no other clothing to change into if the weather gets inclimate. BTW,when is the last timeyou heard of someone in your nieghborhood developing Hypothermia while working around the house or farm??? I work for the RailRoad. I'm out in the weather every day of the year. Many is the time I have come home from work in my cotton clothes,soaked to the bone. I throw my clothes in the dryer,take a hot shower,have something hot to eat,go to bed,and get up and do it all over again the next night!!!!!
Now don't get me wrong... Hypothermia is REAL!!!!! But, The REAL "killer" is NOT cotton... It's STUPIDITY!!!!!