Liquid preparation possessing traces of very erogenous powers, ostensibly? (4,6)
I believe the answer is:
love potion
'liquid' is the definition.
(I know that love-potion is a type of drink)
'preparation possessing traces of very erogenous powers ostensibly?' is the wordplay.
'preparation' becomes 'lotion' (I have seen 'Medicinal preparation ' mean 'lotion' so perhaps 'preparation' could also mean 'lotion').
'possessing' indicates putting letters inside.
'traces of' says to take the initial letters (I've seen 'trace of' mean this).
The initial letters of 'very erogenous powers ostensibly' is 'vepo'.
'lotion' going around 'vepo' is 'LOVE-POTION'.
(Other definitions for love potion that I've seen before include "preparation for it" , "Aphrodisiac needed!" , "Magic drink stimulating desire" .)