Dance and drink with graduate (5)
I believe the answer is:
rumba
'dance' is the definition.
(rumba is a type of dance)
'drink with graduate' is the wordplay.
'drink' becomes 'rum' (rum is a kind of drink).
'with' is a charade indicator (letters next to each other).
'graduate' becomes 'BA' (someone with a Bachelor of Arts degree).
'rum'+'ba'='RUMBA'
'and' is the link.
(Other definitions for rumba that I've seen before include "music one can dance to" , "Cuban folk dance" , "Latin American dance" , "Strictly round" , "Afro-Cuban or ballroom dance" .)