Award for boys regularly on wheels (5)
I believe the answer is:
oscar
'award' is the definition.
(Oscar is an example)
'boys regularly on wheels' is the wordplay.
'regularly' indicates alternate letters (regularly take one letter, leave next etc.).
'on' means one lot of letters go next to another.
'wheels' becomes 'car' (car wheel is a kind of wheel).
The alternating letters of 'boys' are 'os'.
'os'+'car'='OSCAR'
'for' acts as a link.
(Other definitions for oscar that I've seen before include "Hollywood statuette given as annual award" , "Movie award, popularly called" , "heard on the radio after November" , "Annual film award" , "Film-prize statuette" .)