I do pretty much what Triskeliongirl and Oakleaf do...

With one exception - I do often rinse out the wool base layers I wear running when I sweat heavily. This is mostly just to get the salt out of the garment...not the stink. I just rinse in cool water, gently squeeze and then let it air dry.

My husband, on the other hand, washes and dries all his wool (top load washer and regular dryer) pretty close to every time he wears it. He is not a stinky guy in general, but I will say that the stuff has held up really well and he doesn't smell at all. It makes me wonder if I'm being overly cautious!