Eat cold cut (4)
I believe the answer is:
chew
'eat' is the definition.
(thesaurus)
'cold cut' is the wordplay.
'cold' becomes 'c' (eg on taps).
'cut' becomes 'hew' (hew can mean to chop or cut).
'c'+'hew'='CHEW'
(Other definitions for chew that I've seen before include "champ" , "Work between teeth, masticate" , "Bite and grind food in the mouth" , "work with canines" , "Process food" .)