College dance, after which one has nothing left (7)
I believe the answer is:
balliol
'college' is the definition.
(Balliol College, Oxford)
'dance after which one has nothing left' is the wordplay.
'dance' becomes 'ball' (ball is a kind of dance).
'after which' becomes 'i' (I've seen this in other clues).
'one has' means one lot of letters go next to another.
'nothing' becomes 'O' (O resembles 0).
'left' becomes 'l' (common abbreviation).
'ball'+'i'+'o'+'l'='BALLIOL'
(Other definitions for balliol that I've seen before include "C13 Oxford college" , "Wycliffe and Jowett were both Masters of this Oxford college" .)