Fish swallowing new reel, for example (5)
I believe the answer is:
dance
'reel for example' is the definition.
(reel is a kind of dance)
'fish swallowing new' is the wordplay.
'fish' becomes 'dace' (dace is a kind of fish**).
'swallowing' means one lot of letters goes inside another.
'new' becomes 'n'.
'dace' going around 'n' is 'DANCE'.
(Other definitions for dance that I've seen before include "Quickstep, e.g." , "Artistic, nonverbal communication" , "Trip the light fantastic" , "Eg, foxtrot or tango" , "tap, say" .)