Play safe with hammer (5,3)
I believe the answer is:
peter pan
'play' is the definition.
(I've seen this before)
'safe with hammer' is the wordplay.
'safe' becomes 'peter' (I've seen this before).
'with' is a charade indicator (letters next to each other).
'hammer' becomes 'pan' (I've seen this before).
'peter'+'pan'='PETER PAN'
(Other definitions for peter pan that I've seen before include "D [Disney] made" , "Musical from Barrie play" , "Type of eternal youth" , "voyager to Never Never Land" , "J. M. Barrie play" .)