Old wimp punched by student in hooter (5)
I believe the answer is:
owlet
'hooter' is the definition.
(I know that owlet is a type of hooter)
'old wimp punched by student' is the wordplay.
'old' becomes 'o' (abbreviation).
'wimp' becomes 'wet' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'punched by' is an insertion indicator (some letters punch a hole in others).
'student' becomes 'L' (as in L-plates for learner drivers).
'wet' enclosing 'l' is 'wlet'.
'o'+'wlet'='OWLET'
'in' acts as a link.
Can you help me to learn more?
(Other definitions for owlet that I've seen before include "new hooter?" , "Young nocturnal hunting bird" , "Young fly-by-night" , "Small bird of prey from Africa and Asia" , "Young nocturnal flier" .)