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So my belts have been squeaking for a little, I got some belt dressing, didn't seem to help, so I tried the trick to wet the belt, and it immediately quit squeaking, there is a slight wobble of the balancer, but should I be fine just swapping my belts?
Can't really say if it's "worn out" simply by saying the belt squeaks because belt wear can be caused by a variety of factors; usage, age, mis-aligned pulleys, etc. Belt could be worn out or belt could have accelerated wear due to another factor.
Right after buying my C5 I replaced the drive belts because I had a slightly squeak (37K miles). Main drive belt is pretty easy and the A/C belt has a little more work involved but it's not bad either. Seriously a quick belt change is cheap and fast; less than $25, and if it takes you longer than 10 minutes to change it out you're doing it wrong.