The most common and most likely answer to this crossword clue is the 7 letter word DELUGED
I've seen this crossword clue in The Guardian
D
E
L
U
G
E
D
More clues leading to the result DELUGED
Buddy explains!

The straight part
We know that "soaked" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case soaked = deluged.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does DELUGED mean?
DELUGED verb- To flood with water.
- To overwhelm.