Crossword Genius

A name for sham woollen fabric? (5)

Ross

I believe the answer is:

peter

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'woollen fabric?' is the definition.
Although both the answer and definition are singular nouns, I can't understand how one could define the other.

'a name for sham' is the wordplay.
'a name' becomes 'Pet'.
'for sham' becomes 'er' (I can't explain this - if you can you should believe this answer much more).
'pet'+'er'='PETER'

Can you help me to learn more?

(Other definitions for peter that I've seen before include "Play high card before low" , "Leading apostle" , "and 4 across Doctor Who actor" , "One of Jesus' disciples" , "Man's name" .)

I've seen this clue in the Evening Standard.
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