Exhale audibly, on time for the spectacle (5)
I believe the answer is:
sight
'the spectacle' is the definition.
(spectacle can mean a sight or display)
'exhale audibly on time' is the wordplay.
'exhale audibly' becomes 'sigh' (I've seen this before).
'on' means one lot of letters go next to another.
'time' becomes 't' (abbreviation).
'sigh'+'t'='SIGHT'
'for' is the link.
(Other definitions for sight that I've seen before include "Show" , "Device used in aiming" , "Vista" , "Power of vision" , "Looking" .)