Way you and I knocked back olla podrida, say? (4)
I believe the answer is:
stew
'olla podrida say?' is the definition.
(olla podrida is a kind of stew)
'way you and i knocked back' is the wordplay.
'way' becomes 'st' (abbreviation for street).
'you and i' becomes 'we'.
'knocked back' says the letters should be written in reverse.
'we' reversed gives 'ew'.
'st'+'ew'='STEW'
(Other definitions for stew that I've seen before include "Cook by simmering in closed vessel" , "Meat and veg dish" , "Worried agitation" , "Cook by simmering slowly" , "A hole, a fix" .)