Children's character extremely noisily drinks rum (5)
I believe the answer is:
noddy
'children's character' is the definition.
(in books by Enid Blyton)
'extremely noisily drinks rum' is the wordplay.
'extremely' suggests removing the centre (only the extremes of the word are used).
'drinks' is an insertion indicator.
'rum' becomes 'odd' (I've seen this before).
'noisily' with its middle taken out is 'ny'.
'ny' placed around 'odd' is 'NODDY'.
(Other definitions for noddy that I've seen before include "Enid Blyton creation" , "Toytown character" , "Little Blyton creation" , "Sea bird" , "Blyton character - tern" .)