Oxbridge lecturer, important fool (6)

I believe the answer is:

donkey

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'fool' is the definition.
(thesaurus)

'oxbridge lecturer important' is the wordplay.
'oxbridge lecturer' becomes 'don' (I can't explain this - if you can you should give a lot more credence to this answer).
'important' becomes 'key' ('key' can be similar in meaning to 'important').
'don'+'key'='DONKEY'

Can you help me to learn more?

(Other definitions for donkey that I've seen before include "Domesticated animal" , "Domestic animal" , "stubborn type" , "-- Derby; -- jacket" , "dope" .)

I've seen this clue in The Telegraph.

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