Drink studied, moan out loud (3,4)
I believe the answer is:
red wine
'drink' is the definition.
(red wine is a kind of drink)
'studied moan out loud' is the wordplay.
'studied' becomes 'read' (to read a subject is to study it at university).
'moan' becomes 'whine' (I've seen this before).
'out loud' shows a homophone (sound like).
'read'+'whine'='readwhine'
'readwhine' is a homophone of 'RED WINE'.
(Other definitions for red wine that I've seen before include "Such as Shiraz or Merlot" , "Tent, say" , "Eg, claret" , "Merlot or Malbec, say" , "Vin rouge, like claret" .)