Quietly ruled out getting new loot (7)
I believe the answer is:
plunder
'loot' is the definition.
(I know that loot can be written as plunder)
'quietly ruled out getting new' is the wordplay.
'quietly' becomes 'p' (p for piano and quiet).
'out' indicates anagramming the letters (out can mean wrong or inaccurate).
'getting' indicates putting letters inside.
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'ruled' anagrammed gives 'luder'.
'luder' going around 'n' is 'lunder'.
'p'+'lunder'='PLUNDER'
(Other definitions for plunder that I've seen before include "Sack - or what might be put in one!" , "Pillage" , "Take illegally" , "Loot" , "Steal goods (in time of war)" .)