Beth---as I write this, I am staring at two bottles of water-based
Bic Wite-Out. (Blue and yellow package, with the words 'water-based'
clearly displayed on the package and on the bottle label.) ....so I
know it exists out there. I bought mine at Staples, but sometimes
they run out of it so you have to ask them to order it for you or
get it online.
I've just tried a product called Cold Shield (Rio Grande and
Metalliferous carry it) and I like it even better than the Wite-Out.
It's a colorless gel that doesn't leave a residue and keeps
previously soldered joints from melting. .....Dee