Rank element in space above (6)
I believe the answer is:
stinky
'rank' is the definition.
(rank can mean smelly or disgusting)
'element in space above' is the wordplay.
'element' becomes 'tin' (tin is a kind of element).
'in' is an insertion indicator.
'space above' becomes 'sky' (the space up above us).
'tin' placed into 'sky' is 'STINKY'.
(Other definitions for stinky that I've seen before include "Odoriferous" , "Humming" , "Having an unpleasant smell" , "Foul-smelling" , "high" .)