Oscar Wilde's last drama CD a way off (7,5)
I believe the answer is:
academy award
'oscar' is the definition.
(Academy Awards are informally called Oscars)
'wilde's last drama cd a way off' is the wordplay.
'last' indicates one should take the final letters.
'off' indicates anagramming the letters.
The final letter of 'wilde' is 'e'.
'e'+'drama'+'cd'+'a'+'way'='edramacdaway'
'edramacdaway' is an anagram of 'ACADEMY AWARD'.
(Other definitions for academy award that I've seen before include "Special achievement" , "Oscar" .)