Pipe blown in cold loo — time to go finally (8)
I believe the answer is:
clarinet
'pipe blown' is the definition.
'in cold loo time to go finally' is the wordplay.
I cannot quite see how this works, but
'in' is found in the answer.
'cold' could be 'c' (eg on taps) and 'c' is found within the answer.
'time' could be 't' and 't' is located in the answer.
'to go' could be 're' (I've seen this in other clues) and 're' is present in the remaining letters.
The remaining letters 'la' is a valid word which might be clued in a way I don't understand.
This explanation may well be incorrect...
(Other definitions for clarinet that I've seen before include "Music maker" , "Single-reed straight-tubed instrument" , "Wind instrument made from Clare tin" , "Woodwind instrument - Artie Shaw played one" , "It's for playing" .)