Oh no! Water stain!

Oh No! You should read the tpf user 'Docrides' thread on leather care, she might have some tips for you! Im sorry I can't find her thread at the moment, hopefully another member here can link you!
 
Without getting into detail, I had a box leather kelly that was sitting in standing water. The front of the bag was completely blistered and warped. It happened within minutes and the bag looked like it was ruined. Instinct told me to dry it so I took a hair dryer and started fanning it over the leather so it wouldn't burn. I fanned the dryer and kept pressing it with a towel to try to take out all the moisture and press the bag back into shape. I probably did this for about 15 minutes and although it looked a tad better, it wasn't great. So I took the bag and put it in the spare bedroom and closed the door, it was just too painful to look at. Honestly, one blister was about two inches long and the entire front of the bag was wavy, it was really awful.

I peaked in at the bag the next day and it was no better. So I closed the door and looked at it a week later. It was much better and almost useable. So I let it sit alone for another week and lo and behold, the bag looked 99.9% better. If you didn't know what had happened to it you never would have looked twice. The bag healed up nicely.

Bottom line is it needed to completely dry out. In my case the purse needed to be reshaped and I did what I could by pressing on the blisters and completely stuffing the bag with tissue paper for that two week period, so that it sat on the dresser and looked properly shaped. And that's the way it dried.

I was lucky. But to this day the image of that bag with the water dripping off the front still haunts me.