Henry and I save the fish (7)
I believe the answer is:
halibut
'fish' is the definition.
(I know that halibut is a type of fish)
'henry and i save' is the wordplay.
'henry' becomes 'hal' (short for Henry).
'and' is a charade indicator (letters next to each other).
'save' becomes 'but' ('but' can mean 'save' or 'except').
'hal'+'i'+'but'='HALIBUT'
'the' acts as a link.
(Other definitions for halibut that I've seen before include "Marine food fish" , "Something fishy here" , "Large flatfish used as food" , "Fish found in Bali hut" , "Largest flatfish" .)