Five inside exit disreputable place (4)
I believe the answer is:
dive
'disreputable place' is the definition.
(a disreputable bar or club)
'five inside exit' is the wordplay.
'five' becomes 'V' (roman numeral).
'inside' indicates putting letters inside.
'exit' becomes 'die' (synonyms).
'v' going inside 'die' is 'DIVE'.
(Other definitions for dive that I've seen before include "Jump into pool" , "Submarine captain's command" , "Disreputable nightclub" , "Plummet" , "Dip" .)