Thank you 4 Dog Mother.

Monica, I know peroxide is not "good". That's why I only use it to clean out the wound in the beginning. (Although, growing up that's what my mom always used on us and the animals for EVERYTHING. LOL) And that's why I was asking what else I could do to help keep it from getting infected and heal up quickly.
I'm using a generic form of neosporin and I cover it after I put it on so he can't lick at it.

Phred - yeah, despite the gash in his paw he is still running around. I don't know that I could control his running. I will try to minimize it as much as possible though. Also, if it's not looking good, and I have to take him to the vet tomorrow he will not be swimming OR running anywhere!

This morning Bruce let them outside for potty time and when he came back in his bandage was gone. Bruce "tried" to rewrap it but couldn't get it to stay on. He obviously didn't do it right! But the dogs stayed inside while Bruce was gone because it is raining here today. So hopefully without moving around too much (and him not licking it) it will look better by the time I get home.
I am on the phone with Bruce and he said it looks fine. He's not limping like he was last night. So I think he's on the mend.

Thanks everyone for your support and suggestions. Of course Pet Talk was the first place I came when I discovered his ouchie.