Hang around, laughing out loud at leading lady (4)
I believe the answer is:
loll
'hang around' is the definition.
(I've seen this in another clue)
'laughing out loud at leading lady' is the wordplay.
'laughing out loud' becomes 'lol' (abbreviation).
'at' is a charade indicator (letters next to each other).
'leading' indicates taking the first letters (the leading letter of the word).
The initial letter of 'lady' is 'l'.
'lol'+'l'='LOLL'
(Other definitions for loll that I've seen before include "Lie sprawled" , "Hang loosely; sit lazily" , "Lounge - loaf" , "Lounge around" , "Slouch" .)