My event horse in high school and college had windpuffs, among other issues. He stood in 4 bandages pretty much the whole time he was being ridden. I would use either alcohol or witch hazel and do him up in a sweat daily to help keep them down. He was a chestnut w/ 4 stockings and we never had a problem with drying his skin -- or on any of the hundreds of race horses that were being done up daily.
Windpuffs are a chronic filling of fetlock joints. They show up above the fetlock because of the stout annular ligament that surrounds the joint. The "extra" joint fluid needs somewhere to go, so it appears above that casing-like structure.
If it's any consolation, wrapping won't do diddly to cure these, either.
Cold hosing can help.... or could have were it done consistently from the time the horse started to put milage on those joints. Most of us didn't see the need before we saw the bumps and also probably would not have wanted to invest the time in preventative cold hosing when the time was right.