the base of a vertical cork that is stuck in a bottle nearly full of h2o (and alcohol and friends) won't dry out. to dry out the moisture in the cork would have to evaporate in to the bottle, and the amount of h2o that will vapourise into little bit of gas at the neck of the bottle (argon or nitrogen) is infinitesimal. otoh, having the base of the cork in constant contact with h2o et. al. will allow the possibility that the cork will waterlog. waterlogged cork loses its 'springiness', thusly reducing the pressure between the cork and the inside of the bottle neck, potentially compromising the seal of the cork.
matt kramer discusses this in his book 'making sense of wine'.
on a similar note, i was just recently told by someone in the trade that new studies have shown that corks don't let wine 'breathe', but that the only oxygen that a cork will expose a wine to is the oxygen found in the pores of the cork.