Late notice reported a lot of water (4,3)
I believe the answer is:
dead sea
'water' is the definition.
(I know that Dead Sea is a water)
'late notice reported' is the wordplay.
'late' becomes 'dead' (similar in meaning).
'notice' becomes 'see' (notice can mean to spot or see).
'reported' shows a homophone (sound like).
'see' sounds like 'sea'.
'dead'+'sea'='DEAD SEA'
'a lot of' is the link.
This may not be right. Some or all of it may belong to another bit of the clue.
Can you help me to learn more?
(Other definitions for dead sea that I've seen before include "'Body of water, sounds like it's passed on (4,3)'" , "Lowest lake in the world" , "Hypersaline lake" , "R. Jordan lake" , "large salt lake" .)