As a skit it's light, nothing advanced (7)

I believe the answer is:

lampoon

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'as a skit' is the definition.
I can't tell whether this defines the answer.

'light nothing advanced' is the wordplay.
'light' becomes 'lamp' (lamp is a kind of light).
'nothing' becomes 'O' (O resembles 0).
'advanced' becomes 'on' (I am not sure about this - if you are sure you should believe this answer much more).
'lamp'+'o'+'on'='LAMPOON'

'it's' acts as a link.

Can you help me to learn more?

(Other definitions for lampoon that I've seen before include "send-up" , "Make fun of" , "Pool man (anag)" , "Written ridicule of polo man" , "Literary satire" .)

I've seen this clue in the Evening Standard.

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