You and I have time to get soaked (3)
I believe the answer is:
wet
'soaked' is the definition.
(I know that soaked can be written as wet)
'you and i have time' is the wordplay.
'you and i' becomes 'we' (we means you and I).
'have' means one lot of letters go next to another.
'time' becomes 't' (abbreviation).
'we'+'t'='WET'
'to get' is the link.
(Other definitions for wet that I've seen before include "Damp" , "Rainy; feeble person" , "Moisture; feeble (colloq.)" , "Saturated; rainy" , "Moistened" .)