Dope is no fool, oddly (4)
I believe the answer is:
info
'dope' is the definition.
(I've seen this before)
'is no fool oddly' is the wordplay.
'oddly' means one should take alternating letters.
'is'+'no'+'fool'='isnofool'
The alternate letters of 'isnofool' are 'INFO'.
(Other definitions for info that I've seen before include "Gen (colloq.)" , "What's known" , "Facts; knowledge gained" , "News" , "Latest" .)