Prize book received by Christmas (5)
I believe the answer is:
nobel
'prize' is the definition.
(as in the Nobel Prizes)
'book received by christmas' is the wordplay.
'book' becomes 'b' (abbreviation for book).
'received by' indicates putting letters inside.
'christmas' becomes 'Noel' (Noel can mean Christmas).
'b' going into 'noel' is 'NOBEL'.
(Other definitions for nobel that I've seen before include "Prize-endowing Swedish chemist" , "Prize guy" , "Prize title" , "Giver of many prizes" , "& 27 Down International award" .)