One possibly potted in party, after poet hosts wicked one (8,4)
I believe the answer is:
billiard ball
'poet hosts wicked one' is the definition.
I can't judge whether this definition defines the answer.
'one possibly potted in party after' is the wordplay.
'one possibly potted in' becomes 'billiard' (I can't explain this - if you can you should believe this answer much more).
'party' becomes 'ball' (ball is a kind of party).
'after' means one lot of letters go next to another.
'billiard'+'ball'='BILLIARD-BALL'
Can you help me to learn more?
(Other definitions for billiard ball that I've seen before include "One of three in game, red, white or spotted" , "Object to pot" , "Sphere to be pocketed?" .)