Ultimate in excitement in bubbly composition (5)
I believe the answer is:
motet
'composition' is the definition.
(I know that motet is a type of composition)
'ultimate in excitement in bubbly' is the wordplay.
'ultimate in' indicates one should take the final letters.
'in' means one lot of letters goes inside another.
'bubbly' becomes 'Moet' (Moet is a type of champagne).
The last letter of 'excitement' is 't'.
't' placed inside 'moet' is 'MOTET'.
(Other definitions for motet that I've seen before include "Short piece of church choral music" , "musical piece" , "Religious choral composition" , "Anthem or church cantata" , "work by Tallis, for example" .)