Celebration of life, as a tear regularly gets shed (6)
I believe the answer is:
fiesta
'celebration' is the definition.
(fiesta is a kind of celebration)
'of life as a tear regularly gets shed' is the wordplay.
'regularly gets shed' means one should take alternating letters.
'of'+'life'+'as'+'a'+'tear'='oflifeasatear'
The alternate letters of 'oflifeasatear' are 'FIESTA'.
(Other definitions for fiesta that I've seen before include "Religious festival in Spain" , "A Spanish public celebration" , "Holiday; carnival" , "Continental knees-up" , "Saint's day; carnival" .)