It is difficult to give suggestions, having no direct contact with the
object.  Anyway, this is my contribution.

PEG (polyethylene glycol) has been widely used for restoration of
wooden waterlogged archeological artifacts; its main scope is to
replace the water inside the wood, thus avoiding damages that could
arise from drying, and stabilize the object.  It is generally used in
grave situations, i.e., if the wood remained in the water for dozens or
hundreds of years, or, as in the case you mention, with green wood,
containing much water.

The first aid measure you have to adopt is to keep the objects in
stable conditions, i.e., if the water reached the core of the wood, you
should maintain them in the water or in a very humid environment, until
you decide what to do, and you should decide quickly.  Then, it should
be mainly evaluated if drying the wood may cause excessive distortion
or cracks.

It is important to observe that a good drying process implies to the
water evaporate very slowly.  The objects should be maintained in a wet
environment first, then gradually moved to drier ones, until their
content of water is in equilibrium with the external environment.  In
any case, exposing the objects to the sun or wind should be absolutely
avoided.

If such process can be made with no damage, it is preferable to do so;
subsequently, a consolidation treatment can be applied, so as to
strengthen the wood.  I currently use the Paraloid B72 (metyl meta-
crylate) melted in diluent, at variable concentrations (5% to 20%).
Penetration can be improved by using a vacuum chamber.

As you mention, if joints are loose, the only way is to detach the
parts, resurface and glue them again, preferably using the same hide
glue; additional nails can be used to strengthen specially weak parts.
Voids and breaks can be filled with epoxy resins (e.g. Araldite SV427).

A very nice treatment about waterlogged wood and the use of PEG can be
found in "Archaeological wood", by R.M. Rowell and R.J. Barbour,
American Chemical Society, 1990.

Hope this helps

Greetings to all
Leonardo Perretti