No-good lake bird (5)
I believe the answer is:
ousel
'bird' is the definition.
(ousel is a kind of bird)
'no-good lake' is the wordplay.
'no' becomes 'o' (resembles 0 - 'no' can mean 'zero').
'good' becomes 'use' (in phrases like 'it's no good', 'any good?' etc).
'lake' becomes 'l'.
'o'+'use'+'l'='OUSEL'
(Other definitions for ousel that I've seen before include "Bird similar to blackbird" , "Old name for a blackbird; also a kind of thrush" , "Common black thrush" , "Feathered vertebrate" , "it goes flying" .)