Devise new version of control outlet (8)
I believe the answer is:
reinvent
'devise new version of' is the definition.
(to reinvent is to create a new version)
'control outlet' is the wordplay.
'control' becomes 'rein' (reining is a kind of controlling).
'outlet' becomes 'vent' (I've seen this before).
'rein'+'vent'='REINVENT'
(Other definitions for reinvent that I've seen before include "Create anew - not the wheel, please" , "design again" , "Change (something) so much as to appear new" , "Recreate" , "Coin not necessarily found" .)