Piper, perhaps noble, keeping time (5)
I believe the answer is:
peter
'piper' is the definition.
(Peter Piper from the tongue twister)
'noble keeping time' is the wordplay.
'noble' becomes 'peer' (peer is a kind of noble).
'keeping' indicates putting letters inside.
'time' becomes 't' (abbreviation).
'peer' going around 't' is 'PETER'.
'perhaps' acts as a link.
(Other definitions for peter that I've seen before include "and 14 dn Latest actor to play Doctor Who" , "- Grimes (Britten)" , "Man's name" , "Disciple" , "- Sellers, twentieth century English comedian" .)