There is nothing special in the sacrament itself

"In order that we may obtain this faith, the ministry of teaching the Gospel and administering the sacraments was instituted. For through the Word and the sacraments, as through instruments, the Holy Spirit is given, and the Holy Spirit produces faith, where and when it pleases God, in those who hear the Gospel. That is to say, it is not on account of our own merits but on account of Christ that God justifies those who believe that they are received into favor for Christ's sake. Gal. 3:14, 'That we might receive the promise of the Spirit through faith.'
Our churches condemn the Anabaptist and others who think that the Holy Spirit comes to men without the external Word, through their own preparations and works." - The Book of Concord, The Augsburg Confession, Pg. 31 Article 5 [The ministry of the Church]

Luther did not say baptism saves

"The world and the masses are and always will be un-christians, even if they are all baptized and Christian in name." - Martin Luther, Temporal Authority

We are freed from the law of sin and death's penalty

"Thus sin in us after baptism is in its nature truly sin; but only according to substance, and not in its quantity, quality, or action, for it is wholly passive. The motion of anger and of evil desire is exactly the same in the godly and the godless, the same before grace and after, just as the flesh is the same before grace and after grace; but in grace it can do nothing, while outside of grace it gets the upper hand. Because of this Paul says in Rom. 8[:2], 'For the law of the Spirit of life in Christ Jesus has set me free from the law of sin and death.' Why does he not say that, 'It has set me free from sin and death'? Has not Christ set us free from sin and desth once and for all? Paul, however, is speaking of the proper operation of the law of the Spirit, which does what Christ has merited. Indeed, Christ once and for all absolved and freed everyone from sin and death when He merited for us the law of the Spirit of Life." - Martin Luther, Against Latomus

Up From The Grave He Arose!

"For Christ also suffered once for sins, the righteous for the unrighteous, that he might bring us to God, being put to death in the flesh but made alive in the spirit, in which he went and proclaimed to the spirits in prison, because they formerly did not obey, when God's patience waited in the days of Noah, while the ark was being prepared, in which a few, that is, eight persons, were brought safely through water. Baptism, which corresponds to this, now saves you, not as a removal of dirt from the body but as an appeal to God for a good conscience, through the resurrection of Jesus Christ, who has gone into heaven and is at the right hand of God, with angels, authorities, and powers having been subjected to him." - 1 Peter 3:18-22

This is a really good and often confused paragraph: But, one of the major significance for Christ's suffering on the cross and dying and rising again three days later is what it entails: Victory. The Atonement is not an event which shows the demonic power winning over God. No. The Atonement is rather the main purpose for all of Creation itself. It ultimately displays the Soveriegnty of God over all powers. Ultimately the atonement was the victory over evil!

Baptism is a response to what the Spirit has done in one (Titus 3); i.e. New Birth, creating faith in one.

But the gospel does not just stop at the resurrection. It is also connected with the fact that Jesus Christ also ascended into the heavens and sits at the right hand of God the Father above all other things. All things are subjected to Him. In Him are the keys to Life, no one can be justified apart from Him and apart from being counted as righteous with his righteousness alone. Further, Christ also knows who is His and who is not His and so He sits at the right hand of God the Father interceding on behalf of the saints.