Sleep around raising gasp (6)
I believe the answer is:
catnap
'sleep' is the definition.
(catnapping is a kind of sleeping)
'around raising gasp' is the wordplay.
'around' becomes 'ca' (circa).
'raising' is a reversal indicator.
'gasp' becomes 'pant' ('pant' can be a synonym of 'gasp').
'pant' reversed gives 'tnap'.
'ca'+'tnap'='CATNAP'
(Other definitions for catnap that I've seen before include "Short sleep" , "Forty winks (for moggy?)" , "For a rest" , "Drop off" , "Brief doze" .)