A record goes round and round (3)
I believe the answer is:
lap
'round' is the definition.
(as in a round or lap of a park)
'a record goes round' is the wordplay.
'record' becomes 'L-P' (abbreviation for long play record).
'goes round' indicates putting letters inside.
'a' inserted within 'lp' is 'LAP'.
'and' acts as a link.
(Other definitions for lap that I've seen before include "place for small computer?" , "One circuit of track" , "Circuit (of a race track)" , "Once around the course" , "Once around the track" .)