A shock and vibration dampening grip wrap comprised of at least two layers of elastomeric material having differing densities. When applied to a handle the grip wrap provides a firm and reversible grip, and is water-resistant. The shock and vibration dampening wrap includes an upper, denser grip elastomer layer overlaying a second, less dense base elastomer layer. These layers may be optionally conjoined by an elastomer adhesive, a built-up structure, or formed as a unitary structure without recourse to this elastomer adhesive. A grip wrap adhesive and primer are applied to an underside of the base elastomer to affix the grip wrap to the desired handle. An extrusion methodology for forming the grip elastomer layer further serves to create within the grip elastomer an open-celled structure having exceptional wicking characteristics. This structure, in combination with an optional surface texture applied to an upper surface of the grip elastomer provides both shock and vibration dampening, as well as a water-resistant surface.