Dance and drink with a graduate (5)
I believe the answer is:
rumba
'dance' is the definition.
(rumba is a type of dance)
'drink with a graduate' is the wordplay.
'drink' becomes 'rum' (rum is a kind of drink).
'with' means one lot of letters go next to another.
'a graduate' becomes 'BA' (someone with a Bachelor of Arts degree).
'rum'+'ba'='RUMBA'
'and' acts as a link.
(Other definitions for rumba that I've seen before include "South American dance" , "One from Cuba" , "Rhythmic dance of Cuban origin" , "Cuban folk dance" , "number of steps" .)