Rugs, Carpets and Carpeting - Ripples in Wall-wall Carpeting

Several days ago, my 6 yr old spilled lamp oil onto the wall-wall carpeting in the great room. I blotted this up immediately and thought all was well, no staining. However, 2 days later the area where the oil was spilled is rippled. I now have 4 very prominent ripples appr. 13" long in the carpeting, as thought the carpet had pulled loose from the base of the wall and needed to be re-stretched. The carpeting has not pulled loose, this is where the oil was spilled, so I assume the oil in the carpeting is causing the rippling. Is there anything, short of installing new carpeting, that I can do to correct this problem, or will it eventually dry out and smooth out? Any advice would be greatly appreciated.

The oil is like a solvent. It has weakened the latex holding the primary and secondary backings together. The only way to fix is pull the carpet up, and neutralize the solvent and relatex the backing.