Cutters with ship going round Ross Island cape capsized (8)
I believe the answer is:
scissors
'cutters' is the definition.
(I know that scissors is a scissors)
'ship going round ross island cape capsized' is the wordplay.
'ship' becomes 'SS' (prefix in ship names eg SS Great Britain).
'going round' means one lot of letters goes inside another (some letters go around others).
'island' becomes 'i' (geographical abbreviation).
'cape' becomes 'c' (abbreviation used on maps).
'capsized' is a reversal indicator (in a down clue, the word turns upside down).
'ross'+'i'+'c'='rossic'
'ss' enclosing 'rossic' is 'srossics'.
'srossics' written backwards gives 'SCISSORS'.
'with' acts as a link.
(Other definitions for scissors that I've seen before include "Double-edged implement" , "Paper/fabric cutters" , "Cutting implement - outdated high jump" , "Wrestling hold" , "Cross sis with two-bladed implement" .)