See penetrating hit in race (6)
I believe the answer is:
slalom
'race' is the definition.
('slalom' means to move in a zigzag)
'see penetrating hit' is the wordplay.
'see' becomes 'lo' (archaic exclamation meaning 'look!').
'penetrating' indicates putting letters inside.
'hit' becomes 'slam' (slamming is a kind of hitting).
'lo' inserted inside 'slam' is 'SLALOM'.
'in' is the link.
(Other definitions for slalom that I've seen before include "Ski race down zig-zag course" , "Winding ski-run" , "Skiers' obstacle race" , "Ski racing event" , "Downhill ski race over a winding course" .)