Live, that is, around midnight in buff (5)
I believe the answer is:
beige
'buff' is the definition.
(thesaurus)
'live that is around midnight' is the wordplay.
'live' becomes 'be' ('be' can be a synonym of 'live').
'that is' becomes 'ie' ('i.e.' can be a synonym of 'that is').
'around' indicates putting letters inside.
'midnight' becomes 'g'.
'ie' enclosing 'g' is 'ige'.
'be'+'ige'='BEIGE'
'in' is the link.
(Other definitions for beige that I've seen before include "Shade of brown" , "Light sandy fawn colour" , "Fawn or buff" , "Yellowish-brown" , "Light brown" .)