That's why I hear the steak sizzling in my firebox! I'm learning so much here. Thanks!
Water does not burn. By not drying the wood beforehand, you are wasting heat (and money). Try to get on at least a 2-year rotation schedule meaning during winter/early spring you stack the wood you want to burn the winter after the coming one. A 3-year rotation would be even better. Here is a pretty good setup:
http://www.instructables.com/id/No-tools-firewood-rack/
Do you have a stovetop thermometer? When you turn down the air you should see how the stovetop temp keeps rising while the flue temp starts dropping, indicating you are heating your house not the outside. Optimal temp to run the stove would be above 500 to about 700 F at peak. If reducing the air leads to the flames going out and you get a smoldering mess the wood is not dry enough. Check to see what is coming out your chimney. Visible smoke should only happen in the first 10 to 15 minutes of a burn cycle. Once you cut down the air you should only see heat vapors. Luckily winter is almost over. You can try supplementing your wood with lumber scraps, cut up pallets or compressed wood-logs like Enviro-logs or Biobricks. When was the last time your chimney was professionally cleaned?