I couldn't find the old thread. What to do if your clothes get wet. There this PHd that specialize in cold emergency. That I ask the question, here was is answer:
"Good idea with the trash bag. Your first thing would be to take you
>clothes of and wring them out and put them back on. Then light a
>fire. If successful you can spend as long as necessary drying off
>your clothing. in a pinch, if all you have is the plastic you would
>keep the clothes on. If you also had a sleeping bag, it might be
>best to take the clothes off, but this is a problem if they freeze
>you will never get them on agian. Back to the fire, which is the
>key to all survival in the woods."

Dr. Gordon Giesbrecht

you can check him out at:
http://www.umanitoba.ca/faculties/kinrec/research/people/giesbrecht.html