We irradiated a (4:1) mixture of water and carbon monoxide with soft X-rays of energies up to 1.2 keV. The experiments were performed using the spherical grating monochromator beamline at National Synchrotron Radiation Research Center in Taiwan. Both monochromatic (300 and 900 eV) and broader energy fluxes (250-1200 eV) were employed. During the irradiation, the H2O + CO mixture was ionized, excited, and fragmented, producing a number of reactive species. The composition of the ice has been monitored throughout both the irradiation and warm-up phases. We identified several products, which can be related through a plausible chemical reaction scheme. Such chemistry is initiated by the injection of energetic photoelectrons that produce multiple ionization events generating a secondary electron cascade. The results have been discussed in light of a model for protoplanetary disks around young solar-type stars.