Stop, but not to see the woman's frolics in water (8)

I believe the answer is:

sploshes

'frolics in water' is the definition.

'stop but not to see the woman's' is the wordplay.
'but not' suggests deleting specific letters.
'see' becomes 'lo' (archaic word meaning 'look!').
'the woman's' becomes 'shes' (**).
'stop' with 'to' taken out is 'sp'.
'sp'+'lo'+'shes'='SPLOSHES'

I've seen this clue in The Guardian.

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