In deep water, distributing cocaine (7)
I believe the answer is:
oceanic
'in deep water' is the definition.
(I've seen this before)
'distributing cocaine' is the wordplay.
'distributing' indicates an anagram.
'cocaine' anagrammed gives 'OCEANIC'.
(Other definitions for oceanic that I've seen before include "In deep water" , "description of rollers" , "Like the main" , "vast waves?" , "Relating to large seas" .)