Good American English (3)
I believe the answer is:
use
'good' is the definition.
(in phrases like 'it's no good', 'any good?' etc)
'american english' is the wordplay.
'american' becomes 'US' (United States).
'english' becomes 'E' (abbreviation as in OED).
'us'+'e'='USE'
(Other definitions for use that I've seen before include "Employ or exploit" , "Employ - custom" , "Employ; consume" , "Bring into play" , "Put to a particular purpose" .)