Scandinavian holding top of cricket ball (5)
I believe the answer is:
dance
'ball' is the definition.
(ball can mean an event for dancing)
'scandinavian holding top of cricket' is the wordplay.
'scandinavian' becomes 'dane' (person from Denmark).
'holding' is an insertion indicator.
'top of' indicates taking the first letters.
The first letter of 'cricket' is 'c'.
'dane' going around 'c' is 'DANCE'.
(Other definitions for dance that I've seen before include "Move(ment) to music" , "Eg, waltz, foxtrot" , "Jig, caper" , "Ball; hop" , "social function" .)