SBRaider,
That's a good question. I've used carpet padding on the ground in our back yard and also tentless car-camping on a few cold (40-50's) nights without a problem. They were pretty dry nights except for some dew.
Okay, just tested a chunk in the sink. Yep, it sucks up the water. Thank's for the warning!
I guess I'll just turn it into a comfy cat bed. Now, where did I put that bear trap...
-Blast