I'm Conservative, not Liberal soak! (5)
I believe the answer is:
imbue
'soak' is the definition.
(I know that soak can be written as imbue)
'i'm conservative not liberal' is the wordplay.
'conservative' becomes 'blue' (I've seen this before).
'not' is a deletion indicator.
'liberal' becomes 'l' (abbreviation).
'blue' with 'l' taken out is 'bue'.
'im'+'bue'='IMBUE'
(Other definitions for imbue that I've seen before include "Fill with a feeling or quality" , "Tinge deeply" , "Endow" , "Spread or diffuse through; inspire" , "Penetrate" .)