Has it a musical ring? (3)
I believe the answer is:
key
'ring?' is the definition.
(key ring is a kind of ring)
'has it a musical' is the wordplay.
I cannot quite understand how this works, but
'it' could be 'e' ('e' can mean 'electronic' which is similar to 'IT') and 'e' is located in the answer.
The remaining letters 'ky' is a valid word which might be clued in a way I don't see.
This may be the basis of the clue (or it may be nonsense).
Can you help me to learn more?
(Other definitions for key that I've seen before include "Crucially important" , "explanation" , "Vital" , "Crucial; island" , "Piano lever" .)