Taking a horse out for some period, get soaked! (7)

I believe the answer is:

steeped

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'soaked' is the definition.
(steeping is a kind of soaking)

I don't understand the remainder of the clue.

(Other definitions for steeped that I've seen before include "Saturated or let sit in a liquid" , "Soaked in water" , "Soaked in liquid" , "wet" .)

I've seen this clue in the Evening Standard.

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