Wet sanding is sanding with a very fine grit sandpaper while the surface is wet. What I normally do is get 1500+ grit sandpaper and a spraybottle of water. Spray the surface with a liberal amount of water and then lightly sand the surface. All you're trying to do is smooth down the surface at this point. Then do what WtFDiesel said and buff it with a polishing compound and then a detailing compound. It brings if back to that smooth, shiny finish.
2012 Kona Blue 3.7L V6:
Borla LT headers, O/R h-pipe, Borla S-types, 3.73 gears,
Steeda adjustable UCA w/ mount, BMR LCAs, Airaid CAI,
LCA Relocation brackets, AE driveshaft, GT 80mm TB,
Black 18x9/10 2010 GT500 Wheels w/ Nitto NT555s,
Eibach Sportline Springs/shocks & Koni STR.T Struts