Punch comedian and gossip (7)
I believe the answer is:
chinwag
'gossip' is the definition.
(I've seen this before)
'punch comedian' is the wordplay.
'punch' becomes 'chin' (slang term meaning to punch someone on the chin).
'comedian' becomes 'wag' (I've seen this in another clue).
'chin'+'wag'='CHINWAG'
'and' is the link.
(Other definitions for chinwag that I've seen before include "Natter" , "Appoint" , "Conversation (slang)" , "Informal chat moving lower jaw" , "Gossip" .)