Virgochick, I have come to see water baptism as a (public) symbol or shadow of a higher spiritual reality and legal transaction which is being affirmed by the one being baptised:
"By going under the water I identify with Jesus' death where my sin (dysfunction) was imputed to him, and by coming up from the water I identify with Jesus' resurrection where his (perfect) righteousness was imputed to me as a free gift".
I have affirmed this transaction in my heart when coming to faith in around 2006 (and being born-again spiritually).
I have not felt the need to annul my Watchtower baptism as it was done with a genuine heart for God, albeit in a religious cult with no heart for God.
When I feel moved to I will undertake baptism again with friends and family in a public place quite apart from any organisation or clerical authority. I would actually prefer if we could baptise each other as a family so that no one can claim us as "theirs".