Racket made by single piercing hooter (5)
I believe the answer is:
noise
'racket' is the definition.
(synonyms)
'single piercing hooter' is the wordplay.
'single' becomes 'I' (one).
'piercing' indicates putting letters inside (some letters pierce a hole in others).
'hooter' becomes 'nose' (I've seen this before).
'i' inserted into 'nose' is 'NOISE'.
'made by' is the link.
(Other definitions for noise that I've seen before include "Fuss" , "Public talk" , "Kind of pollution" , "explosive report, for example" , "Hubbub" .)