Ignore frantic second cry of parachutist (8)
I believe the answer is:
geronimo
'cry of parachutist' is the definition.
(expresses exhilaration - paratrooper battle cry)
'ignore frantic second' is the wordplay.
'frantic' is an anagram indicator.
'second' becomes 'mo' (both are short periods of time).
'ignore' is an anagram of 'geroni'.
'geroni'+'mo'='GERONIMO'
(Other definitions for geronimo that I've seen before include "[APACHE] leader" , "exhilarated cry" , "Famous Apache chieftain" , "helicopter paratroops' departure call?" , "I'm no ogre like famous Apache Indian chief" .)