Reptile again out round university (6)
I believe the answer is:
iguana
'reptile' is the definition.
(iguana is a kind of reptile)
'again out round university' is the wordplay.
'out' indicates an anagram (out can mean wrong or inaccurate).
'round' is an insertion indicator.
'university' becomes 'u' (abbreviation for university).
'again' is an anagram of 'igana'.
'igana' going around 'u' is 'IGUANA'.
(Other definitions for iguana that I've seen before include "Large lizard found in Guiana" , "American lizard with a spiny crested back" , "reptile" , "Lizard Darwin found in the Galapagos" , "Tropical spiny lizard" .)