Before you get it wet--wet wool smells worse than dog!--You might try putting it in a garbage back with some activated carbon--the stuff you put in aquarium filters. Wrap the carbon up in a muslin tea towel/dish towel or even paper towels and close the bag. Leave it in a warm place for a couple days--in the sun would be good. There is also some commercial stuff that you can buy to put in basements that is supposed to suck out humidity & smells but I've never tried that. Good old baking soda or activated carbon works for me. After the carbon treatment--you might want to take out the carbon & spritz with a couple shots of Febreeze or Nutra-Air and leave sealed for another day. I do this last step on suits & fancy dresses that are stored a day or two before we plan to wear them.