Yes. I have seen devices explode, in the reflow oven. I had an SMT assembly line, contract assembly work. The problem inevitably occurred because the customer would provide parts in his kit that weren't properly stored. Moisture would get in and in the reflow oven the vapor pressure would rupture the component package. At that point there is nothing to do but stop the line and put everything in a bakeout oven to dry out. Another problem with moisture is in the PWB. When board shops are in a hurry to meet turnaround deadlines, the bakeout process is usually the first corner cut. And yes, vapor will erupt from the board in little jets. It's called "popcorning."

If you have components that are moisture sensitive, and you can't use them right out of the bag, don't try to reseal them in the bag. Just follow the manufacturer's recipe for baking out those parts when you are ready to use them.