Regularly melts near volcano (4)
I believe the answer is:
etna
'volcano' is the definition.
(Mount Etna)
'regularly melts near' is the wordplay.
'regularly' indicates alternate letters (regularly take one letter, leave next etc.).
'melts'+'near'='meltsnear'
The alternating letters of 'meltsnear' are 'ETNA'.
(Other definitions for etna that I've seen before include "high peak" , "Heating vessel" , "Long-term smoker" , "Explosive type" , "Neat volcano overturned" .)