Bulging content that wobbles in loincloth (5)
I believe the answer is:
lungi
'loincloth' is the definition.
(I've seen this before)
'bulging content that wobbles' is the wordplay.
'content' says to take the centre.
'that wobbles' indicates anagramming the letters (I've seen 'wobbling' mean this).
The centre of 'bulging' is 'ulgin'.
'ulgin' with letters rearranged gives 'LUNGI'.
'in' acts as a link.
(Other definitions for lungi that I've seen before include "Brightly coloured cloth worn in Asia as an ankle-length skirt" , "worn piece of cloth" , "Eastern dress" , "simple garment" , "Type of sarong" .)