Master of ceremonies hides his second raise (5)
I believe the answer is:
hoist
'raise' is the definition.
(I know that hoist is a more specific form of the action raise)
'master of ceremonies hides his second' is the wordplay.
'master of ceremonies' becomes 'host' (synonyms).
'hides' is an insertion indicator.
'his second' becomes 'i' (2nd letter of 'his').
'host' placed around 'i' is 'HOIST'.
(Other definitions for hoist that I've seen before include "Lifting tackle" , "Jack" , "(Equipment for) lift(ing)" , "Lift with aid of block and tackle" , "Heave upwards" .)