Change beer? About time! Right (5)
I believe the answer is:
alter
'change' is the definition.
(I know that change can be written as alter)
'beer? about time right' is the wordplay.
'beer?' becomes 'ale' (type of beer).
'about' indicates putting letters inside.
'time' becomes 't' (abbreviation).
'right' becomes 'r' (common abbreviation).
'ale' placed around 't' is 'alte'.
'alte'+'r'='ALTER'
(Other definitions for alter that I've seen before include "Vary" , "Make changes to" , "Bout of extravagant spending" , "reform" , "convert" .)