It excites pique, keeping tots in a rage (3,5)
I believe the answer is:
hot stuff
'it excites' is the definition.
(something hot or exciting)
'pique keeping tots in a rage' is the wordplay.
'pique' becomes 'huff' (both can mean a feeling of irritation).
'keeping' indicates putting letters inside.
'in a rage' indicates anagramming the letters (disturbed or raging version of the letters).
'tots' with letters rearranged gives 'otst'.
'huff' going around 'otst' is 'HOT STUFF'.
(Other definitions for hot stuff that I've seen before include "Recently stolen items" , "Something sensational, daring or erotic" , "Exciting thing" , "latest gear" , "chilli powder?" .)