Lay low and fool around with a redhead! (5)
I believe the answer is:
floor
'lay low' is the definition.
(thesaurus)
'fool around with a redhead' is the wordplay.
'around with' is an anagram indicator.
'a redhead' becomes 'r' (the head/first letter of 'red').
'fool' anagrammed with 'r' can make 'FLOOR'.
'and' is the link.
(Other definitions for floor that I've seen before include "Knock down; storey" , "fell" , "Knock down with force" , "Disconcert" , "Baffle, confound" .)