Panic, losing head? There's something wrong there (5)
I believe the answer is:
error
'something wrong there' is the definition.
I can't judge whether this definition defines the answer.
'panic losing head?' is the wordplay.
'panic' becomes 'terror' (synonyms).
'losing head?' means to remove the first letter.
'terror' with its first letter taken off is 'ERROR'.
'there's' acts as a link.
Can you help me to learn more?
(Other definitions for error that I've seen before include "Boob" , "Fallacy, mistake" , "Faux pas" , "Miscalculation" , "Slip, mistake" .)