Record old dance (5)
I believe the answer is:
disco
'dance' is the definition.
(I've seen this before)
'record old' is the wordplay.
'record' becomes 'disc' (synonyms).
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'disc'+'o'='DISCO'
(Other definitions for disco that I've seen before include "Youngsters' dance venue" , "Doc is dancing here" , "Musical party" , "party for dancers" , "'Genre of dance music, popular in the 1970s (5)'" .)