The Collaborative International Dictionary of English v.0.48:

Soak \Soak\, v. i.
   1. To lie steeping in water or other liquid; to become
      sturated; as, let the cloth lie and soak.
      [1913 Webster]

   2. To enter (into something) by pores or interstices; as,
      water soaks into the earth or other porous matter.
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   3. To drink intemperately or gluttonously. [Slang]
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Soak \Soak\, v. t. [imp. & p. p. Soaked; p. pr. & vb. n.
   Soaking.] [OE. soken, AS. socian to sioak, steep, fr.
   s?can, s?gan, to suck. See Suck.]
   1. To cause or suffer to lie in a fluid till the substance
      has imbibed what it can contain; to macerate in water or
      other liquid; to steep, as for the purpose of softening or
      freshening; as, to soak cloth; to soak bread; to soak salt
      meat, salt fish, or the like.
      [1913 Webster]

   2. To drench; to wet thoroughly.
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            Their land shall be soaked with blood. --Isa. xxiv.
                                                  7.
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   3. To draw in by the pores, or through small passages; as, a
      sponge soaks up water; the skin soaks in moisture.
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   4. To make (its way) by entering pores or interstices; --
      often with through.
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            The rivulet beneath soaked its way obscurely through
            wreaths of snow.                      --Sir W.
                                                  Scott.
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   5. Fig.: To absorb; to drain. [Obs.] --Sir H. Wotton.
      [1913 Webster]

WordNet (r) 3.0 (2006):

soak
    n 1: the process of becoming softened and saturated as a
         consequence of being immersed in water (or other liquid);
         "a good soak put life back in the wagon" [syn: soak,
         soakage, soaking]
    2: washing something by allowing it to soak [syn: soak,
       soaking]
    v 1: submerge in a liquid; "I soaked in the hot tub for an hour"
    2: rip off; ask an unreasonable price [syn: overcharge,
       soak, surcharge, gazump, fleece, plume, pluck,
       rob, hook] [ant: undercharge]
    3: cover with liquid; pour liquid onto; "souse water on his hot
       face" [syn: drench, douse, dowse, soak, sop,
       souse]
    4: leave as a guarantee in return for money; "pawn your
       grandfather's gold watch" [syn: pawn, soak, hock]
    5: beat severely
    6: make drunk (with alcoholic drinks) [syn: intoxicate,
       soak, inebriate]
    7: become drunk or drink excessively [syn: souse, soak,
       inebriate, hit it up]
    8: fill, soak, or imbue totally; "soak the bandage with
       disinfectant" [syn: soak, imbue]
    9: heat a metal prior to working it