Dance graduate's after alcohol (5)
I believe the answer is:
rumba
'dance' is the definition.
(rumba is a kind of dance)
'graduate's after alcohol' is the wordplay.
'graduate' becomes 'ba'.
'after' is a charade indicator (letters next to each other).
'alcohol' becomes 'rum' (rum is a kind of alcohol).
'ba' after 'rum' is 'RUMBA'.
(Other definitions for rumba that I've seen before include "Burma (anag)" , "Ballroom dance of Cuban origin" , "Strictly round" , "Caribbean dance" , "number of steps" .)