Canned ham with top removed (4)
I believe the answer is:
high
'canned' is the definition.
(both can informally mean drunk)
'ham with top removed' is the wordplay.
'ham' becomes 'thigh' (I've seen this before).
'with top removed' means to remove the first letter.
'thigh' with its first letter taken away is 'HIGH'.
(Other definitions for high that I've seen before include "Large, complex (and shady?) money transactions" , "Important; drugged" , "jump" , "on a trip" , "At altitude" .)