Make a speech about exercise and work (7)
I believe the answer is:
operate
'work' is the definition.
('operate' can be a synonym of 'work')
'make a speech about exercise' is the wordplay.
'make a speech' becomes 'orate' (I've seen this before).
'about' means one lot of letters goes inside another.
'exercise' becomes 'pe' (Physical Education**).
'orate' placed around 'pe' is 'OPERATE'.
'and' is the link.
(Other definitions for operate that I've seen before include "Perform surgery or run a machine" , "Work, function" , "(Of machine) function" , "Act in a theatre" , "Cause to function" .)