Do live on a wreck! (5)
I believe the answer is:
beano
'do' is the definition.
(beano can mean a party or do)
'live on a wreck' is the wordplay.
'live' becomes 'be' (synonyms).
'wreck' is an anagram indicator.
'on'+'a'='ona'
'ona' is an anagram of 'ano'.
'be'+'ano'='BEANO'
(Other definitions for beano that I've seen before include "Junket - children's comic" , "rowdy festivity" , "Informal party" , "Kids' comic" , "Rowdy jollification" .)