Lift inoperative ultimately, yet to arrive (5)
I believe the answer is:
elate
'lift' is the definition.
(I've seen this before)
'inoperative ultimately yet to arrive' is the wordplay.
'ultimately' indicates one should take the final letters.
'yet to arrive' becomes 'late'.
The last letter of 'inoperative' is 'e'.
'e'+'late'='ELATE'
(Other definitions for elate that I've seen before include "Raise the spirits of" , "cheer" , "Lift (the spirits)" , "Fill with high spirits" , "Overjoy" .)