So I was using my leatherman wave to cut some food, and so i put the whole tool under running water. I opened the knives and dried them out, but when I open the knives there is still a bit of water on them. Is this a problem, to get it wet?

It should be okay, don't they recommend using fresh water to rinse if it is exposed to salt water? If you worried just use a hair drier and dry it out or apply some mineral oil.

I use WD40, It displaces the water and then lubes it as well. Besides, the WD stands for Water Displacement. Or so I've heard.

Yeah but I'm using it for food cutting and stuff, so I can't use WD40. I put it in front of the fireplace to dry a bit.

You might consider getting a cheap kitchen knife for cutting food. IMO a multi-tool has far too many moving parts to clean after using in food processing. The knife on my LM is rarely used simply because so many knives have better ergonomics. Never needed to clean it in the kitchen, use FP-10 as lube and preservative.

Last I checked WD40 was made of fish oil and other stuff and was non-toxic. If your concerned use alcohol to flush it with as it will take the water with it and leave it sanitary. YMMV

Why would you use it to cut food on a consistent basis? You can buy a cheap Forschner for that purpose. Or upgrade to a Japanese knife like a Tojiro or Togiharu...believe me once you use a decent Japanese chef's knife you will never go back...even to Wusthofs or Henckels

I just use it for smaller foods such as apples, oranges, ect because my kitchen knife isnt as sharp as my Wave.

I'm getting some food safe lubricant soon. How much do I apply, and where?

Toss it in the oven, 250 for 10 minutes. I do it all the time. Works like a charm for all my all-metal knives.

Open all the tools and bury it in a ziplock bag dry uncooked rice. It only needs to be covered not submerged. The rice will draw the water away.