Wipe out Times Square in the end (5)
I believe the answer is:
erase
'wipe out' is the definition.
(I know that wipe out can be written as erase)
'times square in the end' is the wordplay.
'times' becomes 'eras' (era is a kind of time).
'in the end' indicates one should take the final letters.
The last letter of 'square' is 'e'.
'eras'+'e'='ERASE'
(Other definitions for erase that I've seen before include "Blot out" , "Rub out, cancel" , "Rub out, expunge" , "Do away with" , "Clear" .)