We recently had a toilet tank crack. I caught it within two hours. stripped the carpet and foam underlay from the affected hallway, vacuumed up the water, and had a fan on the chip board all within an hour. I have a slight amount of swelling on one seam -- about a mm.
Next winter we are planning to redo all the floors -- carpet to laminate -- in this part of the house.
I have a couple of boxes of peel and stick tile from another project. Directions are very specific that 'porridge board' is not a suitable underlay.
I don't expect it to last for years. Just for a few months.
Is this a bad idea? Should I just give the chip board a couple coats of paint?