B727 CREW WENT OFF THE END OF THE RWY 23 AT SLK.

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FO (COPLT) COMPLETED A SUCCESSFUL ILS APCH TO RWY 23 AT SARANAC LAKE NY. WE HAD VISUAL CONTACT WITH RWY AT 400 FT AGL. ALTHOUGH NOT RAINING AT ARPT; IT HAD; AND RWY WAS WET. THIS WAS NOT ANNOUNCED BY THE ARPT PERSONNEL AT SLK. THEY GAVE US THE WIND ONLY. TOUCHDOWN WAS AT 2000 FT FROM THRESHOLD; AND ON SPD. #2 MAIN FLAT SPOTTED AND DEFLATED BTWN 2000 FT AND 2500 FT FROM THRESHOLD. I HAVE REASON TO BELIEVE ANTI-SKID CTL/METERING VALVE DID NOT RELEASE TIRE. ACFT HYDROPLANED DOWN RWY. WHEN WE CROSSED THE PAINT LINES AT OPPOSITE END IT WAS LIKE BEING ON ICE. I TOOK CTL OF ACFT 1/2 WAY DOWN RWY. WE LEFT END OF RWY BY APPROX 30 FT. OTHER THAN THE #2 TIRE; THERE WAS NO DAMAGE TO THE ACFT. THERE WAS NO INJURIES. THERE WAS NO DAMAGE TO ARPT LNDGS; EQUIP; ETC. UPON REGAINING RWY; I TAXIED ACFT TO RAMP. POSSIBLE CONTRIBUTING FACTOR. FO MADE SOFT TOUCHDOWN INSTEAD OF FIRM LNDG TO BREAK SURFACE RESISTANCE. HYDROPLANING WAS IMMEDIATE. MAINT CHANGED #1 AND #2 MAIN TIRES; AND ALL BRAKES; INSTALLED NEW ANTI-SKID CTL VALVE; CHANGED NOSE TIRES ALONG WITH GEAR SWING AND RELEASED ACFT TO SVC IN AGREEMENT WITH OUR FAA APPROVED MAINT PROGRAM TASK CARDS.