Set out, cycle round base (8)
I believe the answer is:
pedestal
'base' is the definition.
('pedestal' can be a synonym of 'base')
'set out cycle round' is the wordplay.
'out' indicates anagramming the letters (out can mean wrong or inaccurate).
'cycle' becomes 'pedal' ('pedal' can be a synonym of 'cycle'**).
'round' means one lot of letters goes inside another.
'set' is an anagram of 'est'.
'est' inserted into 'pedal' is 'PEDESTAL'.
(Other definitions for pedestal that I've seen before include "Base supporting column" , "Base (for statue, etc)" , "Stand for statue or basin" , "Plinth, stand" , "A statue stands on it" .)