Fool about near American lake - deep! (7)

I believe the answer is:

abyssal

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'deep' is the definition.
(similar in meaning)

'fool about near american lake' is the wordplay.
'fool' becomes 'ass' (both can mean a stupid person).
'about' indicates putting letters inside.
'near' becomes 'by' (near means close by).
'american lake' becomes 'al' (this might be a standard abbreviation of which I'm unaware).
'ass' placed around 'by' is 'abyss'.
'abyss'+'al'='ABYSSAL'

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(Other definitions for abyssal that I've seen before include "Bottomless" , "on the bed" , "Belonging to ocean depths" , "regarding ocean trenches?" .)

I've seen this clue in the Sydney Morning Herald.

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