Grand entertainer showing spirit (5)
I believe the answer is:
ghost
'spirit' is the definition.
(spirit can mean a ghost)
'grand entertainer' is the wordplay.
'grand' becomes 'g' (G is short for grand as in a thousand).
'entertainer' becomes 'host' (person hosting or entertaining guests).
'g'+'host'='GHOST'
'showing' acts as a link.
(Other definitions for ghost that I've seen before include "Apparition; faint trace" , "Pen for another" , "A spirit from the beyond" , "Supernatural apparition" , "who has a haunting act?" .)