Live around exits (5)
I believe the answer is:
exist
'live' is the definition.
('exist' can be a synonym of 'live')
'around exits' is the wordplay.
'around' indicates an anagram.
'exits' with letters rearranged gives 'EXIST'.
(Other definitions for exist that I've seen before include "quick!" , "Be alive" , "Subsist" , "Scrape by" , "Live" .)