Thanks Guys,
Yes, the core is balsa... (and I said firm, not hard

). To be clear, however, there is NO flexing on the deck, the balsa and glass are still laminated, and the balsa, while moist, is not spongy (yet).
As I mentioned above, the area that I am concerned about is currently only 10" square (approx 3" x 3"). I would hate to rip open the entire deck for such a small area. I would wait for a larger area to get mushy before I start such an onerous
repair...
Also, I have had an off
line conversation with MS about another boat that had moisture in decks. The impression that I was left with is that so long as the situation isn't bad, or getting worse, a little moisture (note that the needle isn't pegged) is not the end of the deck. (Although I may have miss interpreted him. - MS please feel free to set me straight.)
brak and 'Dog- Thanks for noticing the other stuff in the picture. I agree the gasket has got to go. Also, the PO of this vessel was the king of silicone... I plan to re-bed EVERYTHING before winter is over (and we're just getting started

) Fortunately, she's under shrink wrap, and I have room to work under there.
I have read that a cure for the fungus that attacks the wood is to treat it with (and I know that you're going to love this

)...
Propylene Glycol! (aka Anti-freeze). I haven't decided to do it, but I can only imaging that putting Prestone in the hole is just going to make the balsa more wet.
I looked at the both the West G-Flex, and this stuff. Of the two, Boatlife really markets the wet wood characteristics of the product. Maybe I'm drinking their Kool-aid...
I agree with 'Dog that it may take forever to dry out (especially if I put anti-freeze in there).
Again, has anyone out there ever used the stuff pictured in my first post? I believe that it has been around since before 2005, but I can not find any first hand experience (good or bad) on it, other than the manufacturer's claim.