Liberal Irish record overturned reveals grave danger (5)
I believe the answer is:
peril
'grave danger' is the definition.
(peril means great danger)
'liberal irish record overturned' is the wordplay.
'liberal' becomes 'l' (abbreviation).
'irish' becomes 'IR' (abbreviation).
'record' becomes 'EP' (abbreviation for extended play record).
'overturned' says the letters should be written backwards.
'l'+'ir'+'ep'='lirep'
'lirep' backwards is 'PERIL'.
'reveals' acts as a link.
(Other definitions for peril that I've seen before include "Immediate danger" , "Danger of serious kind" , "Danger, hazard" , "Hazardous situation" , "Danger, jeopardy" .)