Audacious British party of the wild variety (5)
I believe the answer is:
brave
'audacious' is the definition.
(I know that audacious can be written as brave)
'british party of the wild variety' is the wordplay.
'british' becomes 'br' (abbreviation for British).
'party of the wild variety' becomes 'ave' (I can't justify this - if you can you should give a lot more credence to this answer).
'br'+'ave'='BRAVE'
Can you help me to learn more?
(Other definitions for brave that I've seen before include "Heroic, valiant" , "Egg-shaped" , "Daring" , "Courageous, dauntless" , "Film about William Wallace" .)