FLC OF SMT CARGO JET RAN OFF SIDE OF RWY DURING LNDG ROLL DUE TO WATER ON A NEWLY ASPHALTED RWY AND A FAILED THRUST REVERSER.

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ON AN IFR FLT FROM 07C TO LUG A6 APPROX XC40; WE GOT THE ASOS WX FROM LUG; 5500 FT BROKEN; WIND 230 DEGS AT 9 KTS. WE ASKED FOR AND RECEIVED THE NDB FOR RWY 20. AT 5 DME I CALLED ARPT IN SIGHT. WE OVERFLEW THE ARPT AND ENTERED L DOWNWIND FOR RWY 20. THE VFR APCH WAS NORMAL AND STABILIZED. AS WE TURNED FINAL; I NOTED TO THE FO THAT IT WAS RAINING. WE TOUCHED DOWN APPROX 600 FT FROM THE APCH END OF THE RWY ON SPD. I DEPLOYED SPOILERS AND APPLIED BRAKES. THE ACFT FELT AS IF WE WERE ON ICE. I APPLIED REVERSE THRUST AND THE FO ANNOUNCED L DEPLOY ONLY. THIS PUT THE ACFT INTO A L DRIFT. I COULD NOT STOP THE DRIFT. A QUICK GLANCE SHOWED ZERO AIRSPD. WE WERE NOW APPROX 1/2 WAY DOWN THE RWY; 5001 X 75 FT. I NOTED THE RWY HAD A FRESH OVERLAY OF ASPHALT. THIS; ALONG WITH THE RAIN; MADE IT FEEL; AND ACT; LIKE ICE. AS THE ACFT DRIFTED L; WE DEPARTED THE HARD RWY ONTO THE SOFT GRASS RWY BESIDE IT. THE ACFT STOPPED AFTER APPROX 150 FT AND NOSE 30 DEGS L OF RWY HDG. THE ACFT TORE UP SOD BUT DID NOT SINK INTO MUD. NO DAMAGE TO RWY LIGHTS AND NO ACFT DAMAGE REVEALED AFTER SUBSEQUENT INSPECTION. CONTRIBUTING FACTORS: GOT TO GO 'NOW' FROM DISPATCH; MAINT PROB ON THRUST REVERSER; AND FRESH ASPHALT OVERLAY ON RWY AND RAIN COMBINATION. CALLBACK WITH RPTR REVEALED THE FOLLOWING INFO: RPTR STATED THAT THE THRUST REVERSER THAT FAILED TO WORK ON THE LEAR 24 HAD BEEN JUST PREVIOUSLY SVCED BY MAINT. BECAUSE OF THIS PROB AND MANY OTHER MAINT DISCREPANCIES ASSOCIATED WITH THIS ACFT; THE ACFT HAS BEEN TAKEN OTS TO BE SOLD. HE ADDED THAT IT IS JUST TOO OLD AND TOO MUCH MAINT TO KEEP IT FLYING. SUPPLEMENTAL INFO FROM ACN 512872: BAD WX; HVY RAIN.