Delete former play on words reversed for example (7)
I believe the answer is:
expunge
'delete' is the definition.
(expunging is a kind of deleting)
'former play on words reversed for example' is the wordplay.
'former' becomes 'ex' (prefix meaning former or onetime).
'play on words' becomes 'pun' (synonyms).
'reversed' is a reversal indicator.
'for example' becomes 'eg' (short for 'exempli gratia', 'for example' in Latin).
'eg' back-to-front is 'ge'.
'ex'+'pun'+'ge'='EXPUNGE'
(Other definitions for expunge that I've seen before include "Wipe out" , "Delete from the record" , "Remove (from records)" , "Eradicate" , "Completely remove" .)