Ran around clutching party dress (5)
I believe the answer is:
adorn
'dress' is the definition.
(I've seen this in another clue)
'ran around clutching party' is the wordplay.
'around' indicates anagramming the letters.
'clutching' indicates putting letters inside.
'party' becomes 'do' (do can informally mean a party).
'ran' with letters rearranged gives 'arn'.
'arn' enclosing 'do' is 'ADORN'.
(Other definitions for adorn that I've seen before include "Beautify - decorate - enhance" , "Bedeck" , "Embellish, decorate" , "dress" , "Festoon" .)