You can get Acetone from hardware stores and hardware sections of variety department stores. It's a solvent so dissolves wax, oil, paint, varnish, etc, so no, hot water is not the same. Its in nail polish remover but the industrial grade stuff doesn't have glycerine and vitamin E and whatever else they add to make it less harsh on nails. It's also cheaper to buy it in a larger bottle. I bought a 1 litre bottle yesterday for $11.
Do you have Obenauf's? After acetone and a bath, I'd let it dry for a day then apply a couple coats Leather Therapy or CPR with a day in between, then a coat of Obenauf's, really massage it in, and leave for a couple days, and in the sun if possible, then buff really well with a microfibre cloth and brush. Finish with Black Rock.