Watering hole gets locals tipsy on a regular basis (5)
I believe the answer is:
oasis
'watering hole' is the definition.
(water hole in a desert)
'locals tipsy on a regular basis' is the wordplay.
'on a regular basis' indicates alternate letters.
'locals'+'tipsy'='localstipsy'
The alternate letters of 'localstipsy' are 'OASIS'.
'gets' acts as a link.
(Other definitions for oasis that I've seen before include "beauty spot" , "Band with Liam and Noel Gallagher" , "Green area in desert" , "water you'll want here" , "Fertile spot in desert" .)