Rocker squeezes spot coming over for party (5-2)
I believe the answer is:
knees-up
'party' is the definition.
(I have seen 'Lively party' mean 'knees up' so perhaps 'party' could also mean 'knees up')
'rocker squeezes spot coming over' is the wordplay.
'rocker' becomes 'punk' (I can't justify this - if you can you should give a lot more credence to this answer).
'squeezes' is an insertion indicator (squeeze can mean hug or embrace).
'spot' becomes 'see' (both can mean to notice or observe).
'coming over' shows that the letters should be reversed in order.
'punk' placed around 'see' is 'puseenk'.
'puseenk' back-to-front is 'KNEES-UP'.
'for' is the link.
Can you help me to learn more?
(Other definitions for knees-up that I've seen before include "Riotous dance - party" , "Informal shindig (with Mother Brown?)" , "Informal party with dancing" , "Lively party (colloq.)" , "Dance with Mother Brown" .)