Squealed feeling returned punch (7)
I believe the answer is:
sangria
'punch' is the definition.
(I've seen this before)
'squealed feeling returned' is the wordplay.
'squealed' becomes 'sang' (I've seen this before).
'feeling' becomes 'air' (I can't explain this - if you can you should give a lot more credence to this answer).
'returned' is a reversal indicator.
'air' back-to-front is 'ria'.
'sang'+'ria'='SANGRIA'
Can you help me to learn more?
(Other definitions for sangria that I've seen before include "A party drink" , "Spanish drink of red wine, sugar and fruit" , "Spanish alcoholic drink" , "Spanish sweetened wine drink" , "Spanish spiced wine" .)