Well it's time to chime in again. Wet cores.... lots to discuss.
How deep will epoxy penetrate? without solvent.. nearly nothing. With solvent... allot. CPES brand (Clear Penetrating Epoxy Sealer) say's it can penetrate 9 inches. Jibes is probably right about he glue stopping the penetration. CPES is over reduced epoxy and not much more regardless of what they claim. Over reducing the epoxy leaves it very weak and sponge like. Thats OK for cores. (better than being water logged)
For large areas , I agree with Joe. Cut it open but I have been able to repair cores in small areas without cutting them open.
First step is to ignore everything they say at CPES (Smith and Company) they are just trying to convince consumers that their product is much more that over reduced Epoxy. The MSDS says differently. Check out
http://www.epoxyproducts.com/penetrating4u.html to make your own penetrating sealer.
Second step identify all areas that appear to be de-laminated. They will likely have deck cracks and soft mushy decks. Use the tapping method to find out how large they are.
Next go over your entire deck using the tapping method. Circle the areas that you did not notice previously with a permanent black magic marker and within each circle write in large bond letters "DON'T TAP HERE !!!" this will prevent anyone from noticing that these areas are wet or decontaminated. You can now focus you efforts were they will make a difference. The areas with the deck cracks and or mushy spots.
My point here is that moister in core is not a terrible thing in itself it's the deck cracks and mush spots that are the problem. The O'day 40s all have cored hulls and all have soggy cores yet most are still going strong. You can easily tell the difference between an O'day 40 (cored Hull) from a O'day 39 (solid core) since most 40's have a sign that says "No Hull tapping allowed".
Again.. use Joe's method on large areas. Try the drying method on smaller areas.
This website is as good as any for directions.
http://www.cncphotoalbum.com/doityourself/rotrepair/rotrepair.htm
One word of caution: if your are replacing core DO NOT follow their recommendation to teat the new core with CPES prior to gluing it in place. The bond will fail since the CPES is very weak. It will be too weak for the epoxy to bond well to it. Joe's right, the core will be protected well enough when you do the layup. Keep in mind that the rest of your boat has no CPES in the core.
The acetone is the key to the process. I recommend repeating it three or four times prior to adding the penetrating epoxy.
My O'day 22's cores were all soaked and de-laminated. I used the drying method on 1/2 of them and worked well. I must admit that the strength may be in the solid filled holes spaced evenly throughout the repair not the balsa core which I'm sure has moister in it.