What makes a wet dog so stinky?
From this source,


  We answered this question on the show...
  
  We posed this question to Dr David williams from the Veterinary School
  at the University of Cambridge... David -  First of all, what actually
  makes something smell?   Molecules have to leave the smelly objects
  and get to your nose through the air and that means that these
  molecules must be very small and volatile.  That's to say they must be
  easily evaporated.  The chemicals that make dogs smell are mostly what
  we call volatile organic acids and they are produced by bacteria from
  the fats that are breaking down from sweat; and that's maybe why we
  find these body odours unpleasant.  They signal a presence of bacteria
  and decay and death to us.   
  
  Their [dogs] skins mostly have
  Staphylococcal bacteria, which don't produce much in the way of a
  smell at all, but they've also got some yeasts too which are really
  pongy.   But why does the smell seem worse when the dog is wet?  Here,
  I think we have to go into some physics.  The amount of evaporation of
  a substance is related to the concentration of the compound on a
  surface it’s evaporating from and the amount of compound that's in the
  air, just above the surface.  
  
  So how might that change when it’s wet? 
  
  Well, if the organic acids are dissolved in water on the fur of the
  wet dog, as the water evaporates, the concentration of those smelly
  acids increases, so they'll evaporate more, so there are more
  molecules in the air for us to smell.  Diana -   A bit of evaporation
  can effectively amplify the amount of volatile chemicals that emanate
  from a dog’s skin, and Dr. Williams thinks it’s the same effect that
  causes that damp earth smell when it rains.  It may also alter how
  dogs interact with each other when they're wet.  So, if you have a
  dog, watch to see if it sniffs differently at other dogs on a dry day
  versus a wet one...


There's a start, sounds legitimate to me...