Puts out for a bit of fun in boats (5)
I believe the answer is:
punts
'fun in boats' is the definition.
'punts' can be an answer for 'boats' (I've seen this in another clue). I am unsure of the 'fun in' bit.
'puts out for a bit' is the wordplay.
'out' means one lot of letters goes inside another.
'for a bit' becomes 'n' (I can't justify this - if you can you should give a lot more credence to this answer).
'puts' placed around 'n' is 'PUNTS'.
'of' acts as a link.
Can you help me to learn more?
(Other definitions for punts that I've seen before include "Stakes" , "Flat-bottomed boats" , "kicks" , "river-craft" , "bets" .)