Oscar Hammerstein's edging around hosts (7)
I believe the answer is:
anchors
'hosts' is the definition.
(I know this)
'oscar hammerstein's edging around' is the wordplay.
'edging' suggests removing the centre (edging means the letters on the edges).
'around' indicates anagramming the letters.
'hammerstein' with its centre taken out is 'hn'.
'oscar'+'hn'='oscarhn'
'oscarhn' with letters rearranged gives 'ANCHORS'.
(Other definitions for anchors that I've seen before include "They chain ships to the bottom" , "Heavy security devices" , "stabilising influences" , "They prevent vessels from moving" , "Firmly fixes" .)