Cold, cold elevation (5)
I believe the answer is:
chill
'cold' is the definition.
(chill is a kind of cold)
'cold elevation' is the wordplay.
'cold' becomes 'c' (eg on taps).
'elevation' becomes 'hill' (hill is a kind of elevation).
'c'+'hill'='CHILL'
(Other definitions for chill that I've seen before include "Slight cold" , "Unpleasent coldness in the air" , "This disheartens" , "Sharp cold" , "Feverish cold; relax" .)