Start times in the 67th edition of the year's first major have been put back by at least half an hour because of the torrential rain that has battered the par-72 layout since the weekend.
Most of the fairways are marked by pools of standing water and weather forecasts anticipate intermittent showers and possible thunderstorms during the opening round, when the first group is scheduled to tee off at 1240 GMT.
Assuming, though, that play begins as rescheduled on Thursday, all eyes will be on world #1 Woods as he aims for a fourth green jacket at Augusta, and a ninth career major.
"I think it would be huge to win three Masters [in a row]," said the 27-year-old American, who last year became the third back-to-back winner at Augusta after Jack Nicklaus in 1966 and Nick Faldo in 1990. "No one's ever done it before.
"I've been able to do certain things in golf that no one's ever done before. And if you're ever in that position [to set a benchmark], you want to take advantage of it, because it doesn't happen all the time."
Woods should relish this week's soggy conditions, which will favour him and other big hitters in the field, after winning last year's title at a similarly sodden Augusta.
"I think the course certainly favours someone who is hitting the ball high and long and straight," said Woods of a layout that ranks as the sixth longest course in major championship history.
"This week you've got to keep the ball in the fairway. But you've got to get it out there.
"These fairways are playing really soft right now and they're picking up mud too, so you've got to get some luck and, hopefully, not pick up too much mud on most of your tee shot."
In keeping with tradition, tournament officials have said that lifting, cleaning and placing of balls on the fairway will not be allowed this week, so players will have to bank on getting as little mud as possible on the ball.
One of several things in Woods's favour is that he feels very comfortable on the wide fairways of Augusta, the almost non-existent rough, and the slick, undulating greens.
In 25 of his 30 rounds at Augusta, he has carded level-par 72 or better. For his three wins, he is 46
"There's something special about playing here. I think what also helps is playing here year after year, even though they make changes every year to it."
While Woods will be the undoubted favourite for the title, he will not enjoy the huge psychological advantage he held over his rivals in 2000, when he won the last three majors of the year.
British Open champion Ernie Els and Davis Love III, winner of the Players Championship two weeks ago, are his most likely challengers on current form.
World number two Els, who slipped back into a tie for fifth at last year's Masters after twice finding water at the par-five 13th in the final round, has won four titles in his first five starts of 2003.
"I think I've got enough experience now," said the big-hitting South African. "I think this is my 10th time around this place and I've had some good finishes here.
"I've played just about from every area of this golf course. So I know the course very well... [I've] just to go out there and play my game.
"When it comes on Sunday, hopefully I've got a chance, first of all. Hopefully I'm there, like I was last year."
Love, twice runner-up at the Masters, is in prime form, having climbed back into the world's top three for the first time in nearly four years with his victory at Sawgrass a fortnight ago.
"I feel like I've elevated my game this year... back to where I am comfortable and where I feel like I can compete with anybody," the American said.
"It's nice to have everyone else consider me a favourite, but also that I consider myself one of the favourites and I think that's even more important.
"And to be excited about it, and not trying to find my game, figure something out while I'm here."
But Woods, who missed the first five PGA Tour events of the year following knee surgery last December, remains the title favourite.
If he wins at Augusta on Sunday, he will clinch his eighth major in his last 14 starts.
"Whoever is there on the back nine on Sunday is there, and that's the way I've looked at every tournament," he said.
"You can't pick out a couple guys and say these are the guys I need to beat, because they may not be there. I need to get there myself."