Cold drink giving cheer (4)
I believe the answer is:
clap
'cheer' is the definition.
(thesaurus)
'cold drink' is the wordplay.
'cold' becomes 'c' (eg on taps).
'drink' becomes 'lap' (lapping is a kind of drinking**).
'c'+'lap'='CLAP'
'giving' acts as a link.
(Other definitions for clap that I've seen before include "Sudden loud noise (of thunder?)" , "Audibly show approval" , "Pat" , "Make sound of applause" , "express approval" .)