1. completely wrong; mistaken; wrongheaded; on the wrong track

1. He’s all wet if he thinks I’m going to believe his lies.

2. Don’t listen to Maria. She doesn’t know what she’s talking about. She’s all wet.

3. That’s not the correct answer, John. You’re all wet.

4. If you think that prices will come down, you’re all wet.

2. Lit. completely wet

1. I fell in and got all wet.