Doctor with a graduate for play (5)
I believe the answer is:
drama
'play' is the definition.
(synonyms)
'doctor with a graduate' is the wordplay.
'doctor' becomes 'Dr' (abbreviation).
'with' means one lot of letters go next to another.
'graduate' becomes 'ma' (abbreviation for Master of Arts).
'dr'+'a'+'ma'='DRAMA'
'for' acts as a link.
(Other definitions for drama that I've seen before include "Series of events involving conflicting forces" , "Hamlet, say" , "Literary play" , "Serious play" , "Theatrical performance" .)