Sauce boat raised (7)
I believe the answer is:
ketchup
'sauce' is the definition.
(ketchup is a type of sauce)
'boat raised' is the wordplay.
'boat' becomes 'ketch' (ketch is a type of sailing boat).
'raised' becomes 'up' (similar in meaning).
'ketch'+'up'='KETCHUP'
(Other definitions for ketchup that I've seen before include "Red sauce" , "Piquant sauce, often tomato based" , "Sauce made largely of tomatoes" , "Spicy tomato sauce" , "Relish" .)