To be audacious, Yankee invested in satellite (3,2,2)
I believe the answer is:
try it on
'to be audacious' is the definition.
(I've seen this before)
'yankee invested in satellite' is the wordplay.
'yankee' becomes 'y' (phonetic alphabet: alpha, bravo, charlie etc.).
'invested in' indicates putting letters inside.
'satellite' becomes 'triton' (I have seen 'satellite of Neptune' mean 'triton' so perhaps 'satellite' could also mean 'triton').
'y' inserted inside 'triton' is 'TRY IT ON'.
(Other definitions for try it on that I've seen before include "Test the boundaries" , "Be audacious" , "be bold" , "Attempt to fool" , "practise a little deception" .)