Pick up hot dog (5)
I believe the answer is:
incur
'pick up' is the definition.
(as in incurring or picking up a fine)
'hot dog' is the wordplay.
'hot' becomes 'in' (both can mean fashionable).
'dog' becomes 'cur' (both can mean a despicable person).
'in'+'cur'='INCUR'
(Other definitions for incur that I've seen before include "Attract" , "Bring upon oneself - be liable for" , "Become liable or subject to" , "Enter into" , "Become subject to (penalty)" .)