Is it possible to oversoak wood chips for smoking?
Soaking wood chips accomplishes almost nothing, as proven here.

Summary from amazing ribs link: Soaking wood does not work, as it takes more than days to saturate wood. And temperature measurements from wood soaked for a day show little change

Their recommendation: have two containers of wood, one dry, and one covered with water (steam is required as well). The water filled container of wood will boil dry by the time the first lot of dry wood has smoked out, and it will then smoke away too