A Christmas cake -- or blazer? (4,3)
I believe the answer is:
yule log
I believe this is a double definition.
'a christmas cake' is the first definition.
(I've seen this before)
'blazer?' is the second definition.
(something that blazes)
'or' is the link.
(Other definitions for yule log that I've seen before include "Xmas chocolate cake" , "Chunk of wood for the Christmas fire" , "Christmas decoration" , "Large piece of firewood; cake" , "Something eaten (or burned?) at Christmas" .)