You and I possessing nothing — misery (3)
I believe the answer is:
woe
'misery' is the definition.
(woe is a kind of misery)
'you and i possessing nothing' is the wordplay.
'you and i' becomes 'we'.
'possessing' indicates putting letters inside.
'nothing' becomes 'o' (looks like zero - 0).
'we' going around 'o' is 'WOE'.
(Other definitions for woe that I've seen before include "Misfortune" , "Trouble" , "Tale content?" , "Archaic sorrow or distress" , "Alas!" .)