Cold drink with favourite item of food (7)
I believe the answer is:
crumpet
'food' is the definition.
(crumpet is a kind of food)
'cold drink with favourite item' is the wordplay.
'cold' becomes 'c' (eg on taps).
'drink' becomes 'rum' (rum is a kind of drink).
'with' is a charade indicator (letters next to each other).
'favourite item' becomes 'pet'.
'c'+'rum'+'pet'='CRUMPET'
'of' acts as a link.
(Other definitions for crumpet that I've seen before include "Attractive female" , "Confection for toasting" , "hot stuff?" , "Tea cake" , "teatime treat!" .)