You cook it and soak it ultimately in port (7)
I believe the answer is:
risotto
'you cook it' is the definition.
(type of meal)
'soak it ultimately in port' is the wordplay.
'soak' becomes 'sot' (both can mean someone who drinks a lot).
'ultimately' indicates one should take the final letters.
'in' indicates putting letters inside.
'port' becomes 'rio' (Rio de Janeiro is a port).
The last letter of 'it' is 't'.
'sot'+'t'='sott'
'sott' going within 'rio' is 'RISOTTO'.
'and' is the link.
(Other definitions for risotto that I've seen before include "You cook it in stock" , "Perhaps Italian" , "F" , "Italian course" , "Savoury rice dish" .)