Puts out for a bit of fun in boats (5)
I believe the answer is:
punts
'fun in boats' is the definition.
'punts' can be an answer for 'boats' (I've seen this in another clue). I'm not sure about the 'fun in' bit.
'puts out for a bit' is the wordplay.
'out' indicates putting letters inside.
'for a bit' becomes 'n' (I am not sure about this - if you are sure you should believe this answer much more).
'puts' going around 'n' is 'PUNTS'.
'of' is the link.
Can you help me to learn more?
(Other definitions for punts that I've seen before include "Stakes" , "Flat-bottomed boats" , "kicks" , "river-craft" , "bets" .)