Lubricated like spring but not with carbon (5)
I believe the answer is:
oiled
'lubricated' is the definition.
('oil' can be a synonym of 'lubricate')
'like spring but not with carbon' is the wordplay.
'like spring' becomes 'coiled' (coiled like a spring).
'but not with' is a deletion indicator.
'carbon' becomes 'C' (C is the chemical symbol for carbon).
'coiled' with 'c' taken out is 'OILED'.
(Other definitions for oiled that I've seen before include "Lubricated (with drink?)" , "Greased; drunk" , "protected from rust?" , "Oldie (anag)" , "wasted" .)