Make fun of; cloth (3)
I believe the answer is:
rag
I believe this is a double definition.
'make fun of' is the first definition.
(to rag on someone is to make fun of them)
'cloth' is the second definition.
(rag is a kind of cloth)
(Other definitions for rag that I've seen before include "students' excuse to misbehave?" , "Student fundraiser" , "Fun week for college students" , "Practical joke" , "you lose in temper?" .)