"It remits the original sin but (unlike the baptist belief) does not confer ultimate salvation."
"A baptist would say that Jake is baptized at the time of the conversion, while the water and the prayer are outward symbols"
A Baptist would say that a person is saved (born again) at the moment he/she trusts Christ for salvation. The ordinance of Baptism can be carried out at any time after that and has nothing to do with the believer's salvation except as an outward witness of what has already taken place, i.e. the identification of the person with the death, burial and resurrection of Jesus. It confers no saving grace, nor washing away of any sin; it is a symbol of an inner change.
Thanks, that is what I was trying to convey, but not agreeing with the theory makes it difficult to state it accurately.