Something pink on flag I'm waving (8)
I believe the answer is:
flamingo
'something pink' is the definition.
(I know that flamingo are usually pink)
'on flag i'm waving' is the wordplay.
'waving' is an anagram indicator (letters wave around).
'on'+'flag'+'im'='onflagim'
'onflagim' is an anagram of 'FLAMINGO'.
(Other definitions for flamingo that I've seen before include "Long-legged wader" , "Pink wader" , "Pretty bird" , "colourful bird" , "Exotic bird" .)