Adult joke, one described by compere as sublime (8)
I believe the answer is:
majestic
'sublime' is the definition.
(thesaurus)
'adult joke one described by compere' is the wordplay.
'adult' becomes 'a' (abbreviation).
'joke' becomes 'jest' (synonyms).
'one' becomes 'i' (Roman numeral).
'described by' is an insertion indicator (to describe can mean to form an outline).
'compere' becomes 'mc' (short for master of ceremonies).
'a'+'jest'+'i'='ajesti'
'ajesti' placed within 'mc' is 'MAJESTIC'.
'as' is the link.
(Other definitions for majestic that I've seen before include "August" , "Of royal appearance or status" , "Regal - stately" , "Impressively beautiful" , "'Regal, royal (8)'" .)