What follows is a copy of a procedure I wrote up for another board.  This spells out the water test in painful detail.  You probably don't need that much detail, but you'll still get through it.  If you did have much water in there, you may have unusable glop.  Hope that helps, and feel free to ask more questions.

PS, don't burn the glop, as burning glycerin can produce toxic acrolene (spelling?) smoke unless it's a very hot fire with very complete combustion.

Water test procedure for vegetable oil.  You need an accurate scale that can precisely measure weight with a resolution of 0.1 grams (a tenth of a gram).  Ebay has lots of vendors that can supply a manual triple beam balance that works beautifully.  There are digital versions as well.  The scale should have an upper capacity of about 500g or more to do this test well.  You could fake it with a top capacity of 100g, but you have to use a much smaller sample and you lose some precision.

1.     Find a container to put an oil sample in.  Gladware works nicely (semi-disposable "Tupperware" and available at any supermarket or Wal-Mart).  It's about the right size, cheap, lightweight, re-usable, see-through and heat resistant at the temperatures we're working with.
2.     Weigh the empty container to the nearest tenth of a gram and record that somewhere.
3.     Take a 300 to 400 mL sample of oil.  The sample should be representative of all the oil you are going to react.  So typically, I dump all my oil into my processor tank and stir it for ten or fifteen minutes.  Then I take the sample.
4.     Weigh the sample.  Record this number.  Subtracting the weight of the container gives us the actual weight of the oil. Record oil weight.  I designate this as "wet weight".
5.     Heat the sample in a microwave until the oil reaches a temperature of 240F.  Harbor Freight sells a nice probe thermometer with a 6" metal probe with a round thermometer head at the end.  A candy thermometer would work as well.  Check your thermometer in boiling water and confirm a reading around 212F.  Some are a mile off.  During the heating phase, you will get a qualitative indication for the presence of water.  If your sample starts to spit and boil around 212F (100C) you know there is some water. We'll get quantitative data in a few minutes.
6.     Allow the sample to cool off for ten minutes or so.  This allows any residual emulsified water to evaporate, plus it's safer.
7.     Weigh the sample again, record that number.  Subtract container weight.  This is your "dry weight" of the oil.
8.     You can see where this is going.  Take wet weight and subtract dry weight.  The difference is the weight of the water that was in your sample.  Now divide water weight by the original "wet weight" and this will give the decimal fraction water content of the sample.  Multiply by 100 to get percent.

Container wt:        26.2g
Total wet wt:        335.6g
Wet oil wt:        335.6g - 26.2g = 309.4g
Total dry wt:        321.6g
Dry oil wt:        321.6g - 26.2g = 297.4g
Water wt:        309.4g - 297.4 =  12.0g water
Water content:        12.0g / 309.4g = 0.03878
% water by wt:    0.03878 x 100 ~ 3.9% water by weight

If I'm careful, and without heroics, I can measure the presence of 0.2 grams of water in a 500 gram oil sample.  That would be:

0.2g/500g = 0.0004 water, or 0.04% water.  

So even if you're sloppy, and only measure gram amounts, you can still learn a lot about water content with a scale and a microwave.

Summary: