Nob's name entered in fifth rank (7)
I believe the answer is:
grandee
'nob's' is the definition.
(both can mean an important or upper-class person)
'name entered in fifth rank' is the wordplay.
I cannot quite understand how this works, but
'name' could be 'randee' and 'randee' is present in the answer.
A single letter 'g' remains which might be clued in a way I don't understand.
This may be the basis of the clue (or it may be nonsense).
(Other definitions for grandee that I've seen before include "Person of high rank" , "Ran edge around the Spanish nobleman" , "Spanish bigwig" , "A Spanish or Portuguese noble" , "Enraged (anag) - Spanish nobleman" .)