Hole in bamboo boat (5)
I believe the answer is:
canoe
'boat' is the definition.
(canoe is a kind of boat)
'hole in bamboo' is the wordplay.
'hole' becomes 'o'.
'in' means one lot of letters goes inside another.
'bamboo' becomes 'cane' (I've seen this before).
'o' inserted within 'cane' is 'CANOE'.
(Other definitions for canoe that I've seen before include "Boat (that can be dug out!)" , "Ocean (anag)" , "Light boat propelled by paddle(s)" , "Light paddle-propelled boat" , "Kayak-like boat" .)