Oddly, read the first draft and graded it (5)
I believe the answer is:
rated
'graded it' is the definition.
I can't judge whether this definition defines the answer.
'oddly read the first draft' is the wordplay.
'oddly' means one should take alternating letters (letters in the odd-numbered positions are used).
'first draft' becomes 'd' (1st letter of 'draft').
'read'+'the'='readthe'
The alternate letters of 'readthe' are 'rate'.
'rate'+'d'='RATED'
'and' acts as a link.
Can you help me to learn more?
(Other definitions for rated that I've seen before include "Scolded (archaic); assessed" , "Admired" , "Estimated the value or assigned a ranking" , "Graded by trade" , "Estimated, set at" .)