Content being tipsy (5)
I believe the answer is:
happy
This clue is a double definition.
'content' is the first definition.
(content can mean happy or pleased)
'tipsy' is the second definition.
(thesaurus)
'being' acts as a link.
(Other definitions for happy that I've seen before include "A not so low" , "Pleased, content" , "Joyous" , "Contented" , "Fortunate, convenient" .)