Put out some medicine around university (5)
I believe the answer is:
douse
'put out' is the definition.
(as in to douse a fire)
'some medicine around university' is the wordplay.
'some medicine' becomes 'dose' (dose is a kind of medicine).
'around' is an insertion indicator.
'university' becomes 'U' (abbreviation as in UMass).
'dose' going around 'u' is 'DOUSE'.
(Other definitions for douse that I've seen before include "Put out (fire)" , "Smother with water" , "Drench with liquid" , "Extinguish (a fire)" , "can make you really wet" .)