Ring line to receive small magazine (7)
I believe the answer is:
arsenal
'magazine' is the definition.
(I've seen this before)
'ring line to receive small' is the wordplay.
'ring' becomes 'arena' (I've seen this before**).
'line' becomes 'l'.
'to receive' means one lot of letters goes inside another.
'small' becomes 's' (abbreviation - e.g. clothes size).
'arena'+'l'='arenal'
'arenal' enclosing 's' is 'ARSENAL'.
(Other definitions for arsenal that I've seen before include "Where the guns are and who are The Gunners are" , "London football club - magazine" , "Premier League side founded by munitions workers in 1886" , "gunners, so-called" , "2014 and 2015 FA Cup winners" .)