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DO NOT wet sand a deep scratch! Even if it is not thru the clear coat.
Wet sanding is for minor surface defects like orange peel - not for any kind of scratch. The clear coat on your car is only a few mills thick and if you try to sand it out you will end up making a much larger problem.
If you have no experience in these matters they are best left to a professional.
If you insist on trying it yourself - the proper technique involves filling the scratch first with a clear coat, then wet sanding the filled area to make level, then buffing with progressively finer compound, then polish, then sealant or wax.
Hopefully it's not to late, but you're really needing to fill that scratch in with more clear coat, before doing anything else. You can usually do this, with a small end tip brush in the scratch, with a couple coats. Then maybe some 1000 grit wet/dry paper, on a small/flat piece of wood. For the way you're approaching it, could be be trouble. If you've already gone through the clear coat, and seeing color on the paper, STOP. Time for the paint shop, as if you burn through the color too, now you're into color match problems. You didn't mention the color, as if a tri-tint, you may have screwed it up already.
Just as I was saying some times it's best to let a pro take care of things working with paint things can go wrong really quick! But then again that's my opinion.
Designer Imagines A Corvette That Looks More Like a Corvette Than the Corvette
Slideshow: A Jaguar designer's personal project imagines what a modern front-engined Corvette might look like if Chevrolet revisited the golden age of the Stingray.