Approve funny red nose (7)
I believe the answer is:
endorse
'approve' is the definition.
(endorsing is a kind of approving)
'funny red nose' is the wordplay.
'funny' indicates an anagram.
'red'+'nose'='rednose'
'rednose' anagrammed gives 'ENDORSE'.
(Other definitions for endorse that I've seen before include "Say you approve" , "Add one's authority to" , "Put one's name to, approve" , "Approve or underwrite" , "Approve - support" .)