Imaginary gracious story largely about drunken comment? (8)
I believe the answer is:
mythical
'imaginary' is the definition.
(I've seen this before)
'story largely about drunken comment?' is the wordplay.
'story' becomes 'myth' (myth is a kind of story).
'largely about drunken comment?' becomes 'ical' (I can't explain this - if you can you should believe this answer much more).
'myth'+'ical'='MYTHICAL'
'gracious' acts as a link.
I am not very happy about this link. It may be part of another bit of the clue.
Can you help me to learn more?
(Other definitions for mythical that I've seen before include "Based on fable" , "Existing in legends or traditional stories" , "Legendary" , "Based on traditional stories" , "Fabulous; fictitious" .)