Wasted hour on new lake (5)
I believe the answer is:
huron
'lake' is the definition.
(I know that Huron is an lake)
'wasted hour on new' is the wordplay.
'wasted' is an anagram indicator.
'on' says to put letters next to each other.
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'hour' anagrammed gives 'huro'.
'huro'+'n'='HURON'
(Other definitions for huron that I've seen before include "N. American lake" , "Second largest of the Great Lakes" , "Great Lake" , "One of the Great Lakes of North America" .)