Took a dip with Penny in the Everglades, perhaps (5)
I believe the answer is:
swamp
'the everglades perhaps' is the definition.
'took a dip with penny' is the wordplay.
'took a dip' becomes 'swam'.
'with' says to put letters next to each other.
'penny' becomes 'p'.
'swam'+'p'='SWAMP'
'in' is the link.
(Other definitions for swamp that I've seen before include "Quagmire; inundate" , "Waterlogged ground" , "Slough" , "In flood" , "Waterlogged area" .)