Cut ankle finally bound (4)
I believe the answer is:
lope
'bound' is the definition.
(to lope is to travel with bounding stride or bound)
'cut ankle finally' is the wordplay.
'cut' becomes 'lop' (lopping is a kind of cutting).
'finally' says to take the final letters.
The final letter of 'ankle' is 'e'.
'lop'+'e'='LOPE'
(Other definitions for lope that I've seen before include "Run with a long stride" , "Canter" , "Move with a long bounding stride" , "Move with long strides" , "Take long, bouncy strides" .)