Cold water without risk is boring (9)
I believe the answer is:
charmless
'risk is boring' is the definition.
I can't judge whether this definition defines the answer.
'cold water without' is the wordplay.
'cold water' becomes 'charm' (I am not sure about this - if you are sure you should believe this answer much more).
'without' becomes 'less' (I've seen this in another clue).
'charm'+'less'='CHARMLESS'
Can you help me to learn more?
(Other definitions for charmless that I've seen before include "Without attractive features" , "Lacking any appeal" , "Unattractive" , "not winning" .)