Flag and sail hung loosely (8)
I believe the answer is:
languish
'flag' is the definition.
(I've seen this before)
'sail hung loosely' is the wordplay.
'loosely' indicates anagramming the letters (a looser version of the letters).
'sail'+'hung'='sailhung'
'sailhung' is an anagram of 'LANGUISH'.
'and' acts as a link.
(Other definitions for languish that I've seen before include "Become discouraged" , "Suffer hardship" , "Flag" , "Lose or lack vitality" , "Haul sign away - lack vitality" .)