A bit stiff to leave in water (5)

I believe the answer is:

steep

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'a bit stiff to leave in water' is the definition.
I can't tell whether this definition defines the answer.

'bit stiff to leave in water' is the wordplay.
'bit' says to take the initial letters (I've seen 'bit of' mean this).
'leave' says the letters should be written in reverse (I've seen 'left' mean this).
'in water' becomes 'pee' (synonyms. I am not sure about the 'in' bit.).
The initial letters of 'stiff to' is 'st'.
'pee' written backwards gives 'eep'.
'st'+'eep'='STEEP'

Can you help me to learn more?

(Other definitions for steep that I've seen before include "Precipitous - exorbitant" , "pickle" , "Rapidly rising" , "Soak; expensive (price)" , "over the top" .)

I've seen this clue in the Sydney Morning Herald.

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