Exploded item of statuary incorporating King (5)
I believe the answer is:
burst
'exploded' is the definition.
(I've seen this in another clue)
'item of statuary incorporating king' is the wordplay.
'item of statuary' becomes 'bust' (type of statue).
'incorporating' is an insertion indicator.
'king' becomes 'R' (abbreviation for rex, king in Latin).
'bust' enclosing 'r' is 'BURST'.
(Other definitions for burst that I've seen before include "Puncture, explode" , "Collapse" , "Smashed" , "Blow up" , "Explosion" .)