Feted song keeps touching lives (8)
I believe the answer is:
lionised
'feted' is the definition.
'song keeps touching lives' is the wordplay.
'song' becomes 'lied' (lied is a kind of song**).
'keeps' indicates putting letters inside.
'touching' becomes 'on'.
'lives' becomes 'is' ('be' can be a synonym of 'live').
'on'+'is'='onis'
'lied' placed around 'onis' is 'LIONISED'.
(Other definitions for lionised that I've seen before include "Made a lot of in a beastly fashion" , "being given celebrity status" , "Treated as hero" , "Made to feel like the king of the jungle" , "Celebrated" .)