Spirit’s good, burning like a fire (3)
I believe the answer is:
gin
'spirit's' is the definition.
(alcoholic spirit)
'good burning like a fire' is the wordplay.
'good' becomes 'g' (abbreviation).
'burning like a fire' becomes 'in' (in can mean alight).
'g'+'in'='GIN'
(Other definitions for gin that I've seen before include "Juniper-flavoured spirit" , "Alcohol made with juniper berries" , "Alcoholic drink made from juniper berries - it's a trap" , "Juniper-flavoured drink" , "Clear alcoholic drink" .)