Peer's wild orgy? (5)
I believe the answer is:
spree
'orgy?' is the definition.
(I've seen this before)
'peer's wild' is the wordplay.
'wild' indicates an anagram.
'peers' anagrammed gives 'SPREE'.
(Other definitions for spree that I've seen before include "High old time" , "running through the streets of Berlin?" , "Revel" , "Wild shopping expedition" , "Binge" .)