Graduate in Ascot, ordered hot stuff (7)
I believe the answer is:
tabasco
'hot stuff' is the definition.
(I've seen this in another clue)
'graduate in ascot ordered' is the wordplay.
'graduate' becomes 'BA' (someone with a Bachelor of Arts degree).
'in' indicates putting letters inside.
'ordered' is an anagram indicator.
'ascot' anagrammed gives 'tasco'.
'ba' placed inside 'tasco' is 'TABASCO'.
(Other definitions for tabasco that I've seen before include "Hot sauce made from capsicums" , "Mexico state" , "Mexican state; pungent sauce" , "condiment?" , "Hot red sauce" .)