Scorches right among the waves! (5)
I believe the answer is:
sears
'scorches' is the definition.
('sear' can be a synonym of 'scorch')
'right among the waves' is the wordplay.
'right' becomes 'r' (common abbreviation).
'among' indicates putting letters inside (inserted letters are placed among others).
'the waves' becomes 'seas' (I've seen this in another clue).
'r' put inside 'seas' is 'SEARS'.
(Other definitions for sears that I've seen before include "Scorches or burns the surface of" , "Makes very hot and dry" , "Superficially burns" .)