Peers out on a binge (5)
I believe the answer is:
spree
'a binge' is the definition.
(I've seen this before)
'peers out' is the wordplay.
'out' is an anagram indicator (out can mean wrong or inaccurate).
'peers' is an anagram of 'SPREE'.
'on' acts as a link.
(Other definitions for spree that I've seen before include "Session of over-indulgence" , "Junket" , "Drinking bout" , "Unrestrained time" , "(Shopping) jaunt" .)