Cycling around external path (5)

I believe the answer is:
route
'path' is the definition.
(synonyms)
'cycling around external' is the wordplay.
'cycling' becomes 're' (I can't justify this - if you can you should believe this answer much more).
'around' is an insertion indicator.
'external' becomes 'out' (similar in meaning).
're' enclosing 'out' is 'ROUTE'.
Can you help me to learn more?
(Other definitions for route that I've seen before include "Established line of trave" , "Course followed" , "The way to go" , "Path taken" , "Way to travel" .)
