Old John, swallowing a lot of pink wine and sherry (7)
I believe the answer is:
oloroso
'sherry' is the definition.
(I've seen this before)
'old john swallowing a lot of pink wine' is the wordplay.
'old' becomes 'o' (abbreviation as in OT - Old Testament).
'john' becomes 'loo' (both can mean a toilet).
'swallowing' means one lot of letters goes inside another.
'a lot of' means to remove the last letter (a lot of but not all of the word).
'pink wine' becomes 'rose' (synonyms).
'rose' with its final letter removed is 'ros'.
'loo' going around 'ros' is 'loroso'.
'o'+'loroso'='OLOROSO'
'and' is the link.
(Other definitions for oloroso that I've seen before include "Drink" , "Dark type of sherry" , "Golden sherry" , "Medium-sweet sherry" , "Heavy dark sherry" .)