Colour that woman goes around Bill (5)
I believe the answer is:
shade
'colour' is the definition.
(shade is a kind of colour)
'woman goes around bill' is the wordplay.
'woman' becomes 'she' (**).
'goes around' indicates putting letters inside.
'bill' becomes 'ad' (advertisement stuck on wall).
'she' going around 'ad' is 'SHADE'.
'that' acts as a link.
(Other definitions for shade that I've seen before include "Hue" , "Slight colour difference" , "Nuance" , "Quality of colour" , "blind" .)