well, when you said wet, I thought you meant condensation (water) but if its oil its probably in good shape and you can just take your cleaning rod and run a patch with break free on it down the barrel and see how nasty it is. And clean as you would your normal guns. Getting that nasty nipple off should be the priority, You can get a nipple wrench anywhere, cabelas has them. I'm willing to bet that the corrosion is just on the nipple (or at least my fingers are crossed).
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