Let out: or sublet maybe! (8)
I believe the answer is:
released
'let out' is the definition.
'sublet maybe' is the wordplay.
I cannot really understand how this works, but
'sublet' could be 'lease' (I've seen this in another clue) and 'lease' is located in the answer.
The remaining letters 'red' is a valid word which might be clued in a way I don't understand.
This may be the basis of the clue (or it may be nonsense).
'or' is the link.
Can you help me to learn more?
(Other definitions for released that I've seen before include "Liberated" , "Discharged" , "Set free" , "free after imprisonment?" , "Let out - let out again" .)