Odds cut on fairy, I feel, spirit creating storm? (5)
I believe the answer is:
ariel
'spirit creating storm?' is the definition.
(character from The Tempest)
'odds cut on fairy i feel' is the wordplay.
'odds cut on' means one should take alternating letters.
'fairy'+'i'+'feel'='fairyifeel'
The alternate letters of 'fairyifeel' are 'ARIEL'.
(Other definitions for ariel that I've seen before include "29 9 [TEMPEST CHARACTER]" , "Shakespearian spirit" , "Shakespearean spirit" , "Enchanting islander" , "fairy sign" .)