Going round and sounding the alarm (7)
I believe the answer is:
ringing
'going' is the definition.
(ringing is a kind of going)
'round and sounding the alarm' is the wordplay.
'round' becomes 'ring' (synonyms).
'and' means one lot of letters go next to another.
'sounding the alarm' becomes 'ing' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'ring'+'ing'='RINGING'
Can you help me to learn more?
(Other definitions for ringing that I've seen before include "Having resonant sound" , "Campanology" , "Telephoning" , "Resonant; forceful" , "Resonant; phoning" .)