Satirical drawing depicting ring in box (7)
I believe the answer is:
cartoon
'satirical drawing' is the definition.
(I've seen this before)
'ring in box' is the wordplay.
'ring' becomes 'O' (letter resembling a ring).
'in' is an insertion indicator.
'box' becomes 'carton' (carton is a kind of box).
'o' inserted inside 'carton' is 'CARTOON'.
'depicting' is the link.
(Other definitions for cartoon that I've seen before include "Animated drawing" , "could make one laugh" , "One may find it funny" , "Comic strip" , "Witty drawing" .)