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One keeps dry on it (5,5)

Ross

I believe the answer is:

water wagon

I'm a little stuck... Click here to teach me more about this clue!

'one' is the definition.
Although both the answer and definition are singular nouns, I don't see how one could define the other.

'dry on it' is the wordplay.
I cannot really see how this works, but
'on' could be 'at' (I've seen this in other clues) and 'at' is present in the answer.
'it' could be 'e' ('e' can mean 'electronic' which is similar to 'IT') and 'e' is located in the answer.
This explanation may well be incorrect...

'keeps' is the link.

Can you help me to learn more?

I've seen this clue in The Globe and Mail and The Irish News.
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