Fool dancing around, elderly (3)
I believe the answer is:
old
'elderly' is the definition.
(similar in meaning)
'fool dancing around' is the wordplay.
'around' indicates the answer is hidden within the clue.
'OLD' is hidden within 'fool dancing'.
(Other definitions for old that I've seen before include "Long-established" , "Former; aged" , "Obsolete" , "out of the ark" , "No longer young" .)