Spare pen drunk holds with rag (9)
I believe the answer is:
newspaper
'rag' is the definition.
(rag can informally mean a newspaper)
'spare pen drunk holds with' is the wordplay.
'drunk' indicates an anagram.
'holds' indicates putting letters inside.
'with' becomes 'w' (abbreviation).
'spare'+'pen'='sparepen'
'sparepen' is an anagram of 'nespaper'.
'nespaper' placed around 'w' is 'NEWSPAPER'.
(Other definitions for newspaper that I've seen before include "Publication on folded sheets" , "part of the media" , "printed edition" , "Daily or weekly publication, keeps us abreast" , "Broadsheet, e.g." .)