Cocktail: liqueur in, as set out (7,7)
I believe the answer is:
tequila sunrise
'cocktail' is the definition.
(I've seen this before)
'liqueur in as set out' is the wordplay.
'out' is an anagram indicator (out can mean wrong or inaccurate).
'liqueur'+'in'+'as'+'set'='liqueurinasset'
'liqueurinasset' with letters rearranged gives 'TEQUILA SUNRISE'.
(Other definitions for tequila sunrise that I've seen before include "Cocktail - 1988 American crime film - equaliser units (anag)" , "Multicoloured cocktail" , "cocktail's required" , "Drink" .)