Venerable revolutionary I satisfied in bed (7)
I believe the answer is:
totemic
'venerable' is the definition.
(totemic can mean venerated or worshipped)
'revolutionary i satisfied in bed' is the wordplay.
'revolutionary' is a reversal indicator (letters revolve around).
'satisfied' becomes 'met' (as in 'met the conditions of his contract').
'in' is an insertion indicator.
'bed' becomes 'cot' (cot is a type of bed).
'i'+'met'='imet'
'imet' placed inside 'cot' is 'cimetot'.
'cimetot' reversed gives 'TOTEMIC'.
(Other definitions for totemic that I've seen before include "(Of an object) having spiritual significance" , "Having emblematic and spiritual significance" , "Like something significant" , "worthy of respect" , "Having significance as an emblem" .)