Grabbing the ring with a little cry of delight (7)
I believe the answer is:
whoopee
'cry of delight' is the definition.
Although both the answer and definition are singular nouns, I can't see how one could define the other.
'grabbing the ring with a little' is the wordplay.
'grabbing' means one lot of letters goes inside another.
'the ring with' becomes 'hoop' (I am not sure about this - if you are sure you should believe this answer much more).
'a little' becomes 'wee' (I've seen this before).
'hoop' put into 'wee' is 'WHOOPEE'.
Can you help me to learn more?
(Other definitions for whoopee that I've seen before include "exclamation of joy" , "with great enthusiasm" , "partying" , "Expression of delight" , "Sort of cushion" .)