Talk or possibly eat (5)
I believe the answer is:
orate
'talk' is the definition.
(to orate is to give a speech)
'or possibly eat' is the wordplay.
'possibly' indicates anagramming the letters.
'eat' anagrammed gives 'ate'.
'or'+'ate'='ORATE'
(Other definitions for orate that I've seen before include "Speak publicly" , "Deliver a speech" , "Speaker may" , "Erato (anag.)" , "Give speech" .)