What does "soak it in" mean? What does "it" refer here?
"Soak it in" is an idiom that means "appreciate it". If someone is telling you to "soak it in", they are telling you to absorb and appreciate a moment. Here, the crab is telling him to "appreciate" being in the presence of his "hook", because the crab thinks he is not going to see it again. "It" means "this moment" here. You can also say "soak in something" if you want to specify what you or someone is "soaking in". Ex: Look at this beautiful view. Soak it in! Ex: I tried to soak in my graduation ceremony because I knew it wouldn't happen again.