Raced round fragrant wood (5)
I believe the answer is:
cedar
'fragrant wood' is the definition.
(I've seen this before)
'raced round' is the wordplay.
'round' is an anagram indicator.
'raced' with letters rearranged gives 'CEDAR'.
(Other definitions for cedar that I've seen before include "may have needles?" , "Raced around a mighty tree" , "Tree (Lebanese?)" , "Deodar" , "Leaving body" .)