Ornament put away rapidly on spike (8)
I believe the answer is:
necklace
'ornament' is the definition.
(necklace is a kind of ornament)
'put away rapidly on spike' is the wordplay.
'put away rapidly' becomes 'neck' (to neck is to drink something very quickly).
'on' is a charade indicator (letters next to each other).
'spike' becomes 'lace' (synonyms).
'neck'+'lace'='NECKLACE'
(Other definitions for necklace that I've seen before include "Piece of jewellery" , "Ornamental string" , "Jewellery worn around the neck" , "responsible for murder in South Africa" , "decorative band" .)