SOAP stands for Scripture, Observation, Application, Prayer. It is a way focussing on what you are reading in the bible (though with some modification it could apply to anything).
The basis of SOAP is to read a Bible chapter, and select one verse (or thereabouts) that really speaks to you. This is the Scripture. Write out the verse.
The idea of Observation is to put the verse in context of what is happening in the bible, or failing that, simply put the verse into your own words.
Application: how does this verse apply to my life or the things that I see around me at the moment.
Prayer: write a short prayer pertaining to the scripture or your observations or application.