Nightwalker,
I use half a squash ball on my hammock lines to stop the water running down to my hammock. Cut the squash ball in half, make a small cut in the ball and slide the half onto the webbing, with the inside of the ball facing away from the hammock, obviously repeat for all hammock lines. It has worked well for me in torrential rain in the jungle, it also makes it more difficult for little creepy crawlies to use the webbing as access to a large meal, i.e. You!
Brian