Grant fed cold sweet (5)
I believe the answer is:
dolce
'sweet' is the definition.
('sweet' in Italian, as in 'dolce vita')
'grant fed cold' is the wordplay.
'grant' becomes 'dole' (informal term for a government benefit or grant).
'fed' is an insertion indicator (one word is \'fed\' to another).
'cold' becomes 'c' (eg on taps).
'dole' enclosing 'c' is 'DOLCE'.
(Other definitions for dolce that I've seen before include "Stop" , "To be played sweetly" , "La ... Vita (Fellini film)" , "Musical instruction to play gently and sweetly" , "sweetly and softly" .)