Well, i always thought that it may have given him resistance to fire aswell. After-all, he was holding on to he balrog's leg in the caverns beneath Khazad-Dum(as far as my memory can be used when speaking of his fight with the creature). Perhaps it was his ring that allowed him to do so, for I would guess that, even doused, the balrog's skin would still be like hot coals.
But i don't have much to back that up however. That's the only example of such that I can remember.
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My time is at an end, for I have walked from Valinor to the Far-east where men have not gone for millennia. Demons have fallen before me. And now... I must rest...
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