SOS put out as a chancy thing (4-2)
I believe the answer is:
toss-up
'a chancy thing' is the definition.
'toss up' can be an answer for 'thing' (I have seen 'close thing' mean 'toss up' so perhaps 'thing' could also mean 'toss up'). I'm not sure about the 'a chancy' bit.
'sos put out' is the wordplay.
'out' is an anagram indicator (out can mean wrong or inaccurate).
'sos'+'put'='sosput'
'sosput' is an anagram of 'TOSS-UP'.
'as' acts as a link.
Can you help me to learn more?
(Other definitions for toss-up that I've seen before include "Fifty-fifty chance" , "Flip of a coin" , "Use of a coin to choose" , "It helps you pick" .)