Raise old key (5)
I believe the answer is:
exalt
'raise' is the definition.
(thesaurus)
'old key' is the wordplay.
'old' becomes 'ex'.
'key' becomes 'alt' (the Alt keyboard button).
'ex'+'alt'='EXALT'
(Other definitions for exalt that I've seen before include "Praise, glorify, or honour" , "Honour - raise up" , "Raise high, glorify" , "Extol" , "Praise highly" .)