Wrap item on horse around wife (7)
I believe the answer is:
swaddle
'wrap item' is the definition.
'swaddle' can be an answer for 'wrap' (thesaurus). I am not certain of the 'item' bit.
'horse around wife' is the wordplay.
'horse' becomes 'saddle' (saddle horse is a kind of horse).
'around' means one lot of letters goes inside another.
'wife' becomes 'w'.
'saddle' going around 'w' is 'SWADDLE'.
'on' is the link.
Can you help me to learn more?
(Other definitions for swaddle that I've seen before include "Wrap up well" , "Bind tight with clothes" , "Wind bandages round" , "Fully cover" , "Wrap in cloth" .)