Friend accepting greeting shows bottle (5)
I believe the answer is:
phial
'bottle' is the definition.
(phial is a kind of bottle)
'friend accepting greeting' is the wordplay.
'friend' becomes 'pal' (pal is a kind of friend).
'accepting' is an insertion indicator.
'greeting' becomes 'hi' (hi is a kind of greeting).
'pal' enclosing 'hi' is 'PHIAL'.
'shows' is the link.
(Other definitions for phial that I've seen before include "little bottle" , "Small bottle (containing a drug)" , "glass container" , "Ampoule" , "Small glass bottle for perfume or medicine" .)