Droop around time for party (4)
I believe the answer is:
stag
'party' is the definition.
(I've seen this before)
'droop around time' is the wordplay.
'droop' becomes 'sag' ('sag' can be a synonym of 'droop').
'around' means one lot of letters goes inside another.
'time' becomes 't'.
'sag' going around 't' is 'STAG'.
'for' acts as a link.
(Other definitions for stag that I've seen before include "Adult male deer, often with antlers" , "Male at party?" , "speculator wanting quick profit" , "Hart" , "Deer; with only men" .)