Italian lake draws in British musicians (5)
I believe the answer is:
combo
'musicians' is the definition.
(I've seen this before)
'italian lake draws in british' is the wordplay.
'italian lake' becomes 'como' (I've seen this before).
'draws in' is an insertion indicator.
'british' becomes 'b' (abbreviation e.g. in 'BBC').
'como' enclosing 'b' is 'COMBO'.
(Other definitions for combo that I've seen before include "Small (jazz or rock) band" , "Small pop group" , "Small jazz or dance band" , "Small jazz group" , "group of players" .)