Olga Grey is up the spout (8)
I believe the answer is:
gargoyle
'the spout' is the definition.
(gargoyle is a kind of spout)
'olga grey is up' is the wordplay.
'is up' indicates an anagram (letters get chucked up).
'olga'+'grey'='olgagrey'
'olgagrey' with letters rearranged gives 'GARGOYLE'.
(Other definitions for gargoyle that I've seen before include "Grotesque face of the gutter" , "Grotesque gutter spout from glory age" , "Ugly cathedral feature" , "Grotesque-looking waterspout" , "Ugly carved figure on a building" .)