Competed and we went in and watched (6)
I believe the answer is:
viewed
'watched' is the definition.
(viewing is a kind of watching)
'competed and we went in' is the wordplay.
I cannot really understand how this works, but
'we' is present in the answer.
'competed' could be 'vied' ('vie' can be a synonym of 'compete') and 'vied' is found in the leftover letters.
This accounts for all the letters.
This may be the basis of the clue (or it may be nonsense).
'and' acts as a link.
Can you help me to learn more?
(Other definitions for viewed that I've seen before include "Considered or looked at" , "Considered or deemed to be" , "Looked at, inspected" , "Saw" , "Observed" .)