Watch part of victory turning bloody (6)
I believe the answer is:
winder
'watch part' is the definition.
(part for winding up a watch)
'victory turning bloody' is the wordplay.
'victory' becomes 'win' (I've seen this before).
'turning' shows that the letters should be reversed in order.
'bloody' becomes 'red'.
'red' backwards is 'der'.
'win'+'der'='WINDER'
'of' acts as a link.
(Other definitions for winder that I've seen before include "Drew in (anag.)" , "The largest one in the 5" , "Handle that turns" .)