Puts out for a bit of fun in boats (5)
I believe the answer is:
punts
'fun in boats' is the definition.
'punts' can be an answer for 'boats' (I've seen this in another clue). I'm not certain of the 'fun in' bit.
'puts out for a bit' is the wordplay.
'out' indicates putting letters inside.
'for a bit' becomes 'n' (I can't explain this - if you can you should give a lot more credence to this answer).
'puts' placed around 'n' is 'PUNTS'.
'of' acts as a link.
Can you help me to learn more?
(Other definitions for punts that I've seen before include "Stakes" , "Flat-bottomed boats" , "kicks" , "river-craft" , "bets" .)