Live on the edge - accepting a drink! (8)
I believe the answer is:
beverage
'drink' is the definition.
('beverage' can be a synonym of 'drink')
'live on the edge accepting a' is the wordplay.
'live' becomes 'be' ('be' can be a synonym of 'live').
'on the edge' becomes 'verge' (I can't justify this - if you can you should believe this answer much more).
'accepting' indicates putting letters inside.
'verge' enclosing 'a' is 'verage'.
'be'+'verage'='BEVERAGE'
Can you help me to learn more?
(Other definitions for beverage that I've seen before include "Drink other than water" , "Prepared drink" , "Any drink, say a beer" , "Liquid for drinking" , "such as a Frappuccino" .)