aye, ive always looked at it as: water resistant is basically splash proof, no more & waterproof as submergable.. I used this theory from when i was a child with watches! alot of wrist watches would advertise as "Water Resistant" & lots of people automatically thought "waterproof" ..but 2 totally different meanings, so be sure it clearly states Waterproof (& even then i'd still read the small print!) if you want a fully waterproof product!
As for titebond 3, its 100% waterproof (took this snippet from there website..
"What is the difference between the ANSI/HPVA Type I and Type II water-resistance specification?Both of these tests are conducted using 6” by 6” birch laminates glued together to make three-ply plywood. The test for Type I is clearly more stringent than Type II, and involves boiling the glue bonds and testing the specimens while they are wet.Type I testing involves cutting the 6" by 6" assemblies into 1" by 3" specimens, boiling them for 4 hours, then baking the specimens in a 145°F oven for 20 hours. They are boiled for an additional 4 hours, then immediately cooled using running water. The specimens are sheared while wet, and the bonds must pass certain strength and wood failure requirements to pass the Type I specification.Type II testing involves cutting the 6" by 6" assemblies into 2" by 5" specimens, soaking them for 4 hours, then baking the specimens in a 120°F oven for 19 hours. This is repeated for a total of three cycles, and the bonds must not delaminate to pass the Type II specification."[/font]