Mickey, soaking chunks is not necessary, and actually a little counter-productive. The water will not penetrate very deep in the wood, and just make the surface wet. When we start with a cold smoker, and cold meat, wet wood is no good - takes too long to dry out enough to smoke. If your wood is too dry, try wrapping the bottom of the chunk with foil (like a little foil boat). It will prevent the dry wood from combusting.
Many do, however, soak chips. This helps them not catch fire - a more controlled smolder.