Live, I hesitate to say, for drink! (4)
I believe the answer is:
beer
'for drink' is the definition.
(beer is a kind of drink)
'live i hesitate to say' is the wordplay.
'live' becomes 'be' (synonyms).
'i hesitate to say' becomes 'er' (expression used when hesitating).
'be'+'er'='BEER'
(Other definitions for beer that I've seen before include "Fermented malt and hops" , "Hop-flavoured drink" , "See 4 down" , "The standard English drink" , "Fermented alcoholic beverage" .)