One with speed wrestling around ring in bout (7)
I believe the answer is:
episode
'bout' is the definition.
(I've seen this before)
'one with speed wrestling around ring in' is the wordplay.
'one' becomes 'I' (Roman numeral).
'with' says to put letters next to each other.
'wrestling' is an anagram indicator.
'around ring' becomes 'o' (letter resembling a ring. I am not sure about the 'around' bit.).
'in' is an insertion indicator.
'i'+'speed'='ispeed'
'ispeed' with letters rearranged gives 'episde'.
'episde' placed around 'o' is 'EPISODE'.
(Other definitions for episode that I've seen before include "Musical passage" , "Instalment of broadcast serial" , "Event or series of events in a story" , "Programme of a serial" , "Incident or one part of a story" .)