"Mothballing" driftwood

I have a driftwood centerpiece in my 55 gallon tank that I'm considering
taking out and storing for future use. I would like, if possible, to: 1) keep
it waterlogged and  2) prevent it from becoming infested with bacteria or,
most likely, fungus.  I know those two goals are probably in conflict with
each other, but if I let it dry out it could take a long time (I assume weeks
or months) to get it waterlogged again. I don't have alot of space so I'm
interested in a storage method as compact as possible (sticking it in another
tank is not an option). Would something like a sealed trash bag with a
certain amount of water in it be a possibility? Is there something that can
be added to the water that will prevent or minimize bacterial/fungal growth
but won't render the wood unusable in an aquarium? Anybody have any ideas?

             Thanks for any help,

                                               Matt MacGregor