A reviewer once described it as:
Iwan Fish’s Wet Socks is a psychedelic fever dream that wastes no time pulling us into his world. The falsetto harmony is one of many subtle touches that Iwan employs here to bring the listeners into a fully immersive adventure. Early morning, late at night, gloomy day, sunny day. This song will work for just about any type of day. It was impossible to not nod our heads to the song. We love it, you will too.
It's also about the fact that having wet socks is just the worst thin ever.