Distributed a day late, foolishly (5)
I believe the answer is:
dealt
'distributed' is the definition.
(dealing is a kind of distributing)
'a day late foolishly' is the wordplay.
'a day' becomes 'd' (**).
'foolishly' indicates anagramming the letters.
'late' with letters rearranged gives 'ealt'.
'd'+'ealt'='DEALT'
(Other definitions for dealt that I've seen before include "Delivered" , "Dispensed (cards)" , "Traded" , "Delta (anag.)" , "Doled out" .)