There is lots of traction available in the wet with todays tires(as long as they are not race tires).
http://www.youtube.com/watch?v=ujdDIaaxTbY
It is something you have to get comfortable with, but like Trace said, be smooth with your inputs(throttle, break and steering), or you will have an issue.
Does your local MSF have an experienced riders course?
If they do, see if you can be a walk on on a rainy day.
I did my ERC course on a rainy day, and I had a blast!