Why does skin get wrinkly when submersed in water for a while?

Skin is essentially water-proof. Why then, is it affected by water as to make it wrinkly. If it does absorb some water why does it not get puffy ( the opposite of wrinkly ). This usually only happens on fingers and toes. Again, why?

Cecil answers

Skin cells (keratinocytes, IIANM) absorb the water they are submerged in, and the skin expands. However, being on the fingertips and toes and having nowhere to really go, the skin is forced to fold in on itself, leaving pruney wrinkles.

Damn, too slow again.