Awe-inspiring 'Iron Mike' punches a sore wound (8)
I believe the answer is:
fearsome
'awe-inspiring' is the definition.
(I've seen this in another clue)
'iron mike punches a sore wound' is the wordplay.
'iron' becomes 'Fe' (Fe is the chemical symbol for iron).
'mike' becomes 'M' (phonetic alphabet: alpha, bravo, charlie etc.).
'punches' is an insertion indicator (punch can mean to create a hole in).
'wound' is an anagram indicator (wound can mean twisted or turned around).
'a'+'sore'='asore'
'asore' anagrammed gives 'arsoe'.
'm' put within 'arsoe' is 'arsome'.
'fe'+'arsome'='FEARSOME'
(Other definitions for fearsome that I've seen before include "Awful" , "Frightful" , "Terrifying" , "Dreadful" , "Fame rose and became frightening" .)