Story of wife and skipper (7)
I believe the answer is:
whopper
'story' is the definition.
(both can mean a lie)
'wife and skipper' is the wordplay.
'wife' becomes 'w' (abbreviation).
'and' is a charade indicator (letters next to each other).
'skipper' becomes 'hopper' (I've seen this before).
'w'+'hopper'='WHOPPER'
'of' is the link.
(Other definitions for whopper that I've seen before include "Mammoth story" , "something with no substance in it" , "that 13 [TRUTH SERUM] might detect?" , "Humongous untruth" , "something very large" .)