2005 NEC?, Article 100 defines a wet location as follows:
Wet Location. Installations underground or in concrete slabs or masonry in direct contact with the earth, and locations subject to saturation with water or other liquids, such as vehicle washing areas, and locations exposed to weather and unprotected.
No raceway system is really "watertight", including those that are glued or have sealed joints. Normally raceways will collect condensation. The raceway is designed to allow this moisture to drain out. It is understandable that in some cases where the ground does not percolate well, the water will also seep in. This is why the conductors installed must be of a type approved for wet locations i.e. THWN or XHHW.
The 2005 NEC? permits EMT, IMC and RMC to be installed in all wet locations both inside and outside. NEC? 300.6(C) requires all metallic raceways installed indoors in a wet location to be mounted so there is at least a 1/4" inch air space between the raceway and the supporting surface to minimize the accumulation of moisture. NEC? Sectons 342 (345).10(D), 344 (346).10(D) and 358 (348).10(C) caution the installer that all hardware items such as straps, bolts, screws etc. be of a corrosion resistant material when used to support raceways in wet locations. When threadless fittings are used with RMC and IMC, they must be identified and listed for the application. Threadless fittings intended for use in wet locations are marked "Raintight" or "Wet locations" on the fitting or its smallest unit shipping container. Threadless fittings intended for embedment in poured concrete are marked "Concrete-tight" or "Concrete-tight when taped" or "Raintight" on the fittings' smallest unit shipping container. Fittings listed as "raintight" are also "Concrete-tight", but not all concrete-tight fittings are raintight.
courtesy of the "Steel Conduit Website" at
http://www.steelconduit.org/basic.htm