Fancy celebration (4)
I believe the answer is:
fete
'fancy celebration' is the definition.
(I've seen this in another clue)
This is the entire clue.
(Other definitions for fete that I've seen before include "Outdoor entertainment or sale, may be for charity" , "Wine and dine" , "Village festivity" , "Marilyn Monroe's real first name' constellation" , "lavish entertainment" .)