Attempt to take wad out - that's cheap (6)
I believe the answer is:
tawdry
'that's cheap' is the definition.
(synonyms)
'attempt to take wad out' is the wordplay.
'attempt to' becomes 'try' (I've seen this in other clues).
'take' indicates putting letters inside.
'out' indicates anagramming the letters (out can mean wrong or inaccurate).
'wad' anagrammed gives 'awd'.
'try' placed around 'awd' is 'TAWDRY'.
(Other definitions for tawdry that I've seen before include "In poor taste" , "Showy but cheap and nasty" , "Gaudy but valueless (6)" , "Vulgar" , "Cheap and shoddy" .)