Definitions of soaking:

• noun:   washing something by allowing it to soak
• noun:   the act of making something completely wet
• noun:   the process of becoming softened and saturated as a consequence of being immersed in water (or other liquid)
• adjective:   wet through and through; thoroughly wet

  Example: "His shoes were sopping (or soaking)"

• adverb:   extremely wet

  Example: "Soaking wet"