Society elite laugh wildly (6)
I believe the answer is:
scream
'laugh wildly' is the definition.
(I've seen this before)
'society elite' is the wordplay.
'society' becomes 's' (common abbreviation in names of organisations).
'elite' becomes 'cream' (as in the cream of the crop).
's'+'cream'='SCREAM'
(Other definitions for scream that I've seen before include "A shrill yell as from fright" , "Cry of fear - laugh wildly" , "Yell for creams" , "Caution" , "Holler" .)