Merry, Ray plays harp drunkenly (5,2,5)
I believe the answer is:
happy as larry
'drunkenly' is the definition.
'merry ray plays harp' is the wordplay.
'merry' indicates an anagram (merry can mean drunk).
'ray'+'plays'+'harp'='rayplaysharp'
'rayplaysharp' is an anagram of 'HAPPY AS LARRY'.
(Other definitions for happy as larry that I've seen before include "Proverbially contented" , "Feeling (lamblike?) contentment" .)