Tipsy getting round, I showed the way (5)
I believe the answer is:
oiled
'tipsy' is the definition.
(I've seen this before)
'round i showed the way' is the wordplay.
'round' becomes 'o' (o is a circular letter).
'showed the way' becomes 'led' (lead can mean to show someone the way).
'o'+'i'+'led'='OILED'
'getting' acts as a link.
(Other definitions for oiled that I've seen before include "as silk may be" , "Anointed" , "protected from rust?" , "greasy" , "Oldie (anag)" .)