Loop or ring in the nose (5)
I believe the answer is:
noose
'loop' is the definition.
(I know that noose is a kind of loop)
'ring in the nose' is the wordplay.
'ring' becomes 'o' (letter resembling a ring).
'in' indicates putting letters inside.
'o' put within 'nose' is 'NOOSE'.
'or' acts as a link.
(Other definitions for noose that I've seen before include "Loop at the end of a rope" , "Snare made of rope" , "Catch" , "form of punishment" , "Device for capital punishment" .)