Spoken greeting bound to create an event (4,4)
I believe the answer is:
high jump
'an event' is the definition.
(high jump is a kind of event)
'spoken greeting bound' is the wordplay.
'spoken' indicates a 'sounds like' (homophone) clue.
'greeting' becomes 'hi' (hi is a kind of greeting).
'bound' becomes 'jump' (I've seen this in another clue).
'hi' is a homophone of 'high'.
'high'+'jump'='HIGH JUMP'
'to create' acts as a link.
(Other definitions for high jump that I've seen before include "Athletic event" , "get a severe punishment" , "Punishable when in for this" , "be in trouble for this?" , "Tough punishment" .)