Souled Out (1998) was the second Souled Out professional wrestling pay-per-view (PPV) event produced by World Championship Wrestling (WCW) and sponsored by Snickers. Unlike the previous year's event, this year's event was produced as a joint-promotion by WCW and nWo (in storyline) and the pay-per-view events until the following year's Uncensored were jointly produced by WCW and nWo. The event took place on January 24, 1998 from the Hara Arena in Dayton, Ohio and featured two main events. The first main event featured Bret Hart making his WCW in-ring debut against Ric Flair. Hart made Flair submit to the Sharpshooter. The second main event featured WCW's Lex Luger against nWo's Randy Savage. Luger made Savage submit to the Torture Rack.

The event featured several WCW vs. nWo matches. There were two singles matches as Larry Zbyszko and The Giant represented WCW against the nWo's Scott Hall and Kevin Nash in respective matches while WCW's Ray Traylor and The Steiner Brothers (Rick and Scott) took on nWo's Konnan, Scott Norton and Buff Bagwell in a six-man tag team match. Aside from WCW vs. nWo matches, the WCW Cruiserweight Championship and the WCW World Television Championship were also defended at the event. Chris Benoit took on Raven in a Raven's Rules Match and a lucha libre cruiserweight eight-man tag team match also took place at the event.