Planet spun on axis, reportedly? (5)
I believe the answer is:
world
'planet' is the definition.
(I know that planet can be written as world)
'spun on axis reportedly?' is the wordplay.
'spun on axis' becomes 'whirled' (whirled around).
'reportedly?' shows a homophone (sound like) (I've seen 'reportedly' mean this).
'whirled' sounds like 'WORLD'.
(Other definitions for world that I've seen before include "good deal" , "The globe" , "Cosmos" , "public" , "place Columbus set sail from with 1a [OLD]" .)