Outstanding example of party, with punch and beer outside! (11)

'outstanding example' is the definition.
(term for an outstanding thing or person)

'party with punch and beer outside' is the wordplay.
I cannot quite see how this works, but
'party' could be 'do' (do is a kind of party) and 'do' is present in the answer.
'punch' could be 'sock' (I've seen this before) and 'sock' is found within the answer.
'beer' could be 'lager' (lager is a kind of beer) and 'lager' is present in the answer.
This accounts for all the letters.
This explanation may well be incorrect...

'of' is the link.