Small boat's old with bamboo frame (5)
I believe the answer is:
canoe
'small boat's' is the definition.
(type of boat)
'old with bamboo frame' is the wordplay.
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'with bamboo' becomes 'cane' (cane-producing plant. I am not sure about the 'with' bit.).
'frame' indicates putting letters inside.
'o' going inside 'cane' is 'CANOE'.
(Other definitions for canoe that I've seen before include "Light paddle-propelled boat" , "Kayak-like boat" , "Small boat for paddling" , "Hunting vessel originating in Haiti" , "Boat one paddles" .)