I used Dynamat in my car, but took off everything I had installed on the floor when I noticed water came in. I'm not willing to have water sit between the Dynamat and my floor and slowly turn my floor pans into a flaky orange stuff. I did leave it in areas where water can't stay: transmission hump, firewall, side carpet. I found it did bring down noise level to a more comfortable level. But when I want a comfortable noise level, I dive my modern Audi! It's not as much fun though...
To replace the Dynamat on the floors, I used cotton padding I bought from my upholsterer. It comes in different thicknesses and can dry if it gets wet. It does a very good job at insulating heat and sound. It's much thicker than Dynamat obviously, but the carpets fit nicely on top and no one knows.