Peg rushed around getting soaked (7)
I believe the answer is:
steeped
'soaked' is the definition.
(steeping is a kind of soaking)
'peg rushed around' is the wordplay.
'peg' becomes 'tee' (tee is a kind of peg).
'rushed' becomes 'sped' ('speed' can be a synonym of 'rush').
'around' indicates putting letters inside.
'tee' inserted into 'sped' is 'STEEPED'.
'getting' is the link.
(Other definitions for steeped that I've seen before include "wet" , "Soaked in liquid" , "Soaked in water" , "Saturated or let sit in a liquid" .)