Perhaps Cape Fear, Fahrenheit dropped after cold closes in (8)
I believe the answer is:
rainwear
'perhaps cape' is the definition.
(a cape is a type of rainwear)
'fear fahrenheit dropped after cold closes in' is the wordplay.
'fahrenheit' becomes 'f' (abbreviation).
'dropped' indicates named letters should be taken away.
'after' means one lot of letters go next to another.
'cold' becomes 'raw' (similar in meaning).
'closes' means one lot of letters goes inside another (inserted letters are closed or sealed in).
'fear' with 'f' taken out is 'ear'.
'raw' going around 'in' is 'rainw'.
'ear' put after 'rainw' is 'RAINWEAR'.
(Other definitions for rainwear that I've seen before include "Waterproof clothing" , "This should keep him dry" , "Waterproof clothes" , "Gear for wet weather" , "Coats" .)