I was going to clean up my frame with some soap and hot water over the weekend. Should I avoid getting the cranks and deraillers wet with the soap-water or will they be fine if I dry them of. I am not going to pour stuff on them but I am sure they will get wet with the frame dripping.

Should I just cover the drive train with a plastic bag?

How are you going to clean them if you won't get them wet? My bikes were designed to rideable in the sun or rain. I'll bet your bike was too.

Like supcom said. No problems, just let the drivetrain air dry afterwards if you aren't going to "attack" it with a hose squirt or scrub.

Thanks, I was more concerned about the soap on the chain I guess. If I wipe down the chain, lube it after is it okay to get it wet?

It should be fine. Remember to rinse off all the soap before lubing though.