Experience that's less than good, being half-cut (7)
I believe the answer is:
undergo
'experience' is the definition.
(to undergo something is to experience it)
'less than good being half-cut' is the wordplay.
'less than' becomes 'under' (eg under a certain number).
'being half cut' indicates taking half.
'good' halved is 'go'.
'under'+'go'='UNDERGO'
'that's' is the link.
(Other definitions for undergo that I've seen before include "Submit to an experience" , "Endure - urged on (anag)" , "Suffer, endure" , "Withstand" , "Stand" .)