Ham slices with dips in a source of magic for kids (1,1,5)

'dips in a source of magic for kids' is the definition.
I know nothing about this answer so I cannot tell whether it can be defined by this definition.

'ham slices with' is the wordplay.
I cannot quite see how this works, but
'with' could be 'w' (abbreviation) and 'w' is present in the answer.
an anagram of 'slices' is 'csleis' which is located in the remaining letters.
No letters remain.
This may be the basis of the clue (or it may be nonsense).

Can you help me to learn more?