A loop or ring through the nose! (5)
I believe the answer is:
noose
'a loop' is the definition.
(I know that noose is a more specific form of the action loop)
'ring through the nose' is the wordplay.
'ring' becomes 'o' (letter resembling a ring).
'through' means one lot of letters goes inside another (inserted letters go through the word).
'o' inserted inside 'nose' is 'NOOSE'.
'or' acts as a link.
(Other definitions for noose that I've seen before include "Hangman's or cowboy's loop" , "head could go in it" , "Loop with sliding knot in a rope" , "Loop in a lariat" , "Rope around the neck" .)