I believe that Baptism has everything to do with salvation. Scripture is very clear in my opinion that it is both the blood and the water that has to do with salvation
1 Peter 3:21
The like figure whereunto even baptism doth also now save us (not the putting away of the filth of the flesh, but the answer of a good conscience toward God,) by the resurrection of Jesus Christ:
1 John 5
5 Who is he that overcometh the world, but he that believeth that Jesus is the Son of God?
6 This is he that came by water and blood, even Jesus Christ; not by water only, but by water and blood. And it is the Spirit that beareth witness, because the Spirit is truth.
7 For there are three that bear record in heaven, the Father, the Word, and the Holy Ghost: and these three are one.
8And there are three that bear witness in earth, the Spirit, and the water, and the blood: and these three agree in one.
1 Corinthians 10
1 Moreover, brethren, I would not that ye should be ignorant, how that all our fathers were under the cloud, and all passed through the sea;
2 And were all baptized unto Moses in the cloud and in the sea;
3 And did all eat the same spiritual meat;
Cyprian Epistle LXXI.1 To Stephen, Concerning a Council.
when they come to us and to the Church which is one, ought to be baptized, for the reason that it is a small matter2 to "lay hands on them that they may receive the Holy Ghost," unless they receive also the baptism of the Church. For then finally can they be fully sanctified, and be the sons of God, if they be born of each sacrament;3 since it is written, "Except a man be born again of water, and of the Spirit, he cannot enter into the kingdom of God."4 For we find also, in the Acts of the Apostles, that this is maintained by the apostles, and kept in the truth of the saving faith, so that when, in the house of Cornelius the centurion, the Holy Ghost had descended upon the Gentiles who were there, fervent in the warmth of their faith, and believing in the Lord with their whole heart; and when, filled with the Spirit, they blessed God in divers tongues, still none the less the blessed Apostle Peter, mindful of the divine precept and the Gospel, commanded that those same men should be baptized who had already been filled with the Holy Spirit, that nothing might seem to be neglected to the observance by the apostolic instruction in all things of the law of the divine precept and Gospel.
WATER BAPTISIM
Hear is what Justin Martyr has to say about baptism;
Chapter LXI.-Christian Baptism.
I will also relate the manner in which we dedicated ourselves to God when we had been made new through Christ; lest, if we omit this, we seem to be unfair in the explanation we are making. As many as are persuaded and believe that what we teach and say is true, and undertake to be able to live accordingly, are instructed to pray and to entreat God with fasting, for the remission of their sins that are past, we praying and fasting with them. Then they are brought by us where there is water, and are regenerated in the same manner in which we were ourselves regenerated. For, in the name of God, the Father and Lord of the universe, and of our Saviour Jesus Christ, and of the Holy Spirit, they then receive the washing with water. For Christ also said, "Except ye be born again, ye shall not enter into the kingdom of heaven.127 Now, that it is impossible for those who have once been born to enter into their mothers' wombs, is manifest to all. And how those who have sinned and repent shall escape their sins, is declared by Esaias the prophet, as I wrote above;128 he thus speaks: "Wash you, make you clean; put away the evil of your doings from your souls; learn to do well; judge the fatherless, and plead for the widow: and come and let us reason together, saith the Lord. And though your sins be as scarlet, I will make them white like wool; and though they be as crimson, I will make them white as snow. But if ye refuse and rebel, the sword shall devour you: for the mouth of the Lord hath spoken it."129
And for this [rite] we have learned from the apostles this reason. Since at our birth we were born without our own knowledge or choice, by our parents coming together, and were brought up in bad habits and wicked training; in order that we may not remain the children of necessity and of ignorance, but may become the children of choice and knowledge, and may obtain in the water the remission of sins formerly committed, there is pronounced over him who chooses to be born again, and has repented of his sins, the name of God the Father and Lord of the universe; he who leads to the laver the person that is to be washed calling him by this name alone. For no one can utter the name of the ineffable God; and if any one dare to say that there is a name, he raves with a hopeless madness. And this washing is called illumination, because they who learn these things are illuminated in their understandings. And in the name of Jesus Christ, who was crucified under Pontius Pilate, and in the name of the Holy Ghost, who through the prophets foretold all things about Jesus, he who is illuminated is washed.
http://www.ccel.org/fathers2/ANF-01...6.htm#TopOfPage
John 1:29
The next day John seeth Jesus coming unto him, and saith, Behold the Lamb of God, which taketh away the sin of the world
John 3
11 Verily, verily, I say unto thee, We (john the Baptist and Jesus) speak that we (john the Baptist and Jesus) do know, and testify that we (john the Baptist and Jesus) have seen; and ye receive not our witness.
5 Jesus answered, Verily, verily, I say unto thee, Except a man be born of water and of the Spirit, he cannot enter into the kingdom of God.
John 6:54
Whoso eateth my flesh, and drinketh my blood, hath eternal life; and I will raise him up at the last day.