Be way out round south (5)
I believe the answer is:
exist
'be' is the definition.
(I know that be can be written as exist)
'way out round south' is the wordplay.
'way out' becomes 'exit' (synonyms).
'round' is an insertion indicator.
'south' becomes 'S' (synonyms).
'exit' going around 's' is 'EXIST'.
(Other definitions for exist that I've seen before include "Have objective reality" , "Get a life!" , "Live" , "Be alive" , "Subsist" .)