Wild hounds bay (6)
I believe the answer is:
hudson
'bay' is the definition.
(I've seen this before)
'wild hounds' is the wordplay.
'wild' indicates an anagram.
'hounds' is an anagram of 'HUDSON'.
(Other definitions for hudson that I've seen before include "New York river; Upstairs/ Downstairs butler" , "navigator" , "American banker" , "Rock -, - bay" , "Rock --, US actor" .)