"He that believeth and is baptized shall be saved; but he that believeth not shall be damned."
The saving element is determined clearly by the context of both the immediate passage and the larger context (16:9-20) which is "believing" (as opposed to believing not). The condemnation rests solely on those who believe not because their unbelief precludes baptism (which is the confession or profession of one's faith). Baptism in this passage is important not in the saving, but in the signifying of belief. The relationship between believing and baptism is so close, that it really should be thought of as an anomaly for one to claim faith in the Lord but decline baptism. However, salvation doesn't rest on believing and being baptized, for which we have Simon's account in Acts 8:13-24 to prove this point, but rather salvation rests only in believing, and believing is externally signified by baptism.
