Volunteers, parched, holding first of watches, showy and cheap (6)
I believe the answer is:
tawdry
'showy and cheap' is the definition.
(I've seen this in another clue)
'volunteers parched holding first of watches' is the wordplay.
'volunteers' becomes 'TA' (abbreviation for Territorial Army).
'parched' becomes 'dry' (similar in meaning).
'holding' is an insertion indicator.
'first of watches' becomes 'w' (1st letter of 'watches').
'ta'+'dry'='tadry'
'tadry' going around 'w' is 'TAWDRY'.
(Other definitions for tawdry that I've seen before include "Cheap; sleazy" , "In poor taste" , "Cheap and gaudy" , "Showy, cheap; sordid" , "Showy and gaudy but without real value" .)