Peers out for a lively frolic (5)
I believe the answer is:
spree
'a lively frolic' is the definition.
(I've seen this in another clue)
'peers out' is the wordplay.
'out' is an anagram indicator (out can mean wrong or inaccurate).
'peers' is an anagram of 'SPREE'.
'for' acts as a link.
(Other definitions for spree that I've seen before include "Session of over-indulgence" , "Drinking bout" , "running through the streets of Berlin?" , "Merry frolic" , "Carefree, lively outing" .)