Old queen lazed around? (4)
I believe the answer is:
dido
'old queen' is the definition.
'dido' can be an answer for 'queen' (legendary queen of Carthage). I am unsure of the 'old' bit.
'lazed around?' is the wordplay.
'lazed' becomes 'did' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'around?' becomes 'o' (a round letter).
'did'+'o'='DIDO'
Can you help me to learn more?
(Other definitions for dido that I've seen before include "Ancient queen of Carthage" , "Antic" , "Lover of Aeneas" , "Tragic queen" , "Tyre lady" .)