Drink rum in case of tragedy (5)
I believe the answer is:
toddy
'drink' is the definition.
(toddy is a kind of drink)
'rum in case of tragedy' is the wordplay.
'rum' becomes 'odd' (I've seen this before).
'in' indicates putting letters inside.
'case of' suggests removing the centre (outsides of).
'tragedy' with its middle removed is 'ty'.
'odd' put within 'ty' is 'TODDY'.
(Other definitions for toddy that I've seen before include "A hot tipple" , "Hot spirituous drink" , "Hot mixed drink" , "Hot alcoholic drink" , "Hot liquor" .)