A LNDG B727 CARGOLINER PIC TEMPORARILY LOSES CTL OF HIS ACFT DURING A LNDG PROC XWIND LNDG ON A WET RWY. ACFT CTL IS REGAINED BUT THE ACFT EXPERIENCED HYDROPLANING AND THE ANTISKID DID NOT FUNCTION PROPERLY DUE TO LOW TIRE SPIN SPD. POSTFLT INSPECTION REVEALED 4 MAIN TIRES DAMAGED.

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DURING OUR FINAL APCH INTO SKBO WITH AN 8 KT XWIND AND MODERATE RAIN; WE WERE ABLE TO VISUALLY SEE THE RWY 13R AT ABOUT 1000 FT AGL WITH 2 MI OF VISIBILITY. SINCE WE WERE ON AN ILS APCH; I (THE PNF) REMAINED ON THE GAUGES WHILE THE CAPT (THE PF) VISUALLY LANDED THE ACFT. THE TOUCHDOWN WAS VERY FIRM AND IT SEEMED LIKE THE ACFT WAS STARTING TO DRIFT DOWNWIND OF CTRLINE AND WXVANING SLIGHTLY INTO THE WIND. WITH THE SPD BRAKES DEPLOYED; THE CAPT REDUCED THE THRUST REVERSERS WHILE TRYING TO GET BACK TO THE CTRLINE USING RUDDER THEN NOSEWHEEL STEERING. MEANWHILE; THE BRAKES WERE BEING USED TO STOP THE ACFT. THE CAPT MENTIONED THAT THE BRAKING ACTION WAS EXTREMELY WEAK. AS WE CAME TO A STOP; AND TURNED OFF THE RWY; WE COULD FEEL AS IF SOME PART OF OUR TIRES WERE DAMAGED; POSSIBLY. UPON INSPECTION AT THE GATE WE NOTICED ALL 4 TIRES HAD DEEP SKID MARKS CUT INTO THEM. EVEN THOUGH THEY WEREN'T BLOWN; WE HAD TO REPLACE ALL 4 MAIN TIRES. SINCE THIS AIRPLANE HAS ANTISKID; WHEN TOUCHDOWN OCCURS ON A SLIPPERY RWY; THE WHEELS MAY NOT SPIN UP ENOUGH TO ACTIVATE THE ANTISKID SO THAT WHEN THE PLT APPLIES THE BRAKES; THE ANTISKID LOGIC ALLOWS THE BRAKES TO BE SET AS IF AT THE GATE. ALSO; DURING THE LNDG ROLL WHEN WHEEL SPIN-UP IS NOT SUFFICIENT TO PROVIDE A TRUE SPD REF TO THE ANTISKID LOGIC; AND THE WHEELS SLOW ENOUGH; THE ANTISKID LOGIC ALLOWS THE BRAKES TO BE SET EVEN THOUGH THE ACFT IS STILL TRAVELING AT MEDIUM SPD. IF SUCH LOSS OF BRAKING IS FELT; THE BEST METHOD IS TO COMPLETELY RELEASE THE BRAKES MOMENTARILY IN ORDER TO LET THE WHEELS SPIN UP AND ESTABLISH A PROPER SPD REF. IN THIS CASE IF THE BRAKES WERE RELEASED MOMENTARILY IT MAY HAVE PREVENTED ALL THE TIRE DAMAGE DUE TO THE SKIDDING ON THE RWY WHICH WAS CAUSED BY THE ANTISKID SYS NOT HAVING A PROPER REF SPD IN ORDER TO WORK PROPERLY.