Look around a ship for a rope (5)
I believe the answer is:
lasso
'for a rope' is the definition.
(lasso is a kind of rope)
'look around a ship' is the wordplay.
'look' becomes 'lo' (archaic exclamation meaning 'look!').
'around' means one lot of letters goes inside another.
'ship' becomes 'SS' (prefix in ship names eg SS Great Britain).
'a'+'ss'='ass'
'lo' enclosing 'ass' is 'LASSO'.
(Other definitions for lasso that I've seen before include "Cowboy's rope with sliding noose" , "Ling-nosed rope" , "Rope for a cowboy" , "What cowboy uses" , "Belgian composer" .)