OK. I'm gonna take a theoretical shot at this, and anyone with a better suggestion can chime in or point out where this theory sucks.
How many folks out there are familiar with partial pressure and semipermiable mebranes? Look at it this way. Cell walls are built to hold in liquid, but not too much liquid. They are also built to allow nutrients and gasses to soak through to nourish the cell, and waste to soak out. They do this through being partially permiable to substances. When an amount of a gas or substance builds up to a certain amount, it essentially builds pressure and oozes out until the right amount is reached. This is helped out by having the blood or body fluid outside the cell having a lower level, and hence, a higher affinity for the substance. For example, if you blood has less CO2 in it than your cells, your cells will outgas until it is balanced. If you hold your breath, the CO2 builds up in your blood until it can't get out of your cells because of this higher partial pressure.
Otay, if that doesn't make sense or is way oversimplified, read up in your local biology/physics book for more details.
In alcohol soaking wood, I'm guessing that the cell membranes in wood have a fairly high affinity for alcohol. This would mean that, when they are exposed to it, it soaks in very easily. But, if it soaks in, something has to go out or the cell would pop, so as the alcohol seeps in, water seeps out until it is all balanced up. Seeing as the alcohol is pretty pure, this would mean that a balance would be mostly alcohol, so, after a while, the cells are full of more alcohol than water and the alcohol in the bucket has a bit higher water content than before.
Now, for the fun part. Alcohol is real volitile (evaporates very fast) so it will dry quickly. If it also soaks through cell walls easier than water, it can soak out just as easily, so, not only does it evaporate quicker than the water, it soaks out of the wood quicker too. Next thing you know, only the little bit of water that was left mixed in with it is still in the cells and the wood is "dry".
How's that?
Dr. Science, AKA Dietrich