Go purchasing ace undergarment for burlesque (8)
I believe the answer is:
travesty
'burlesque' is the definition.
(synonyms)
'go purchasing ace undergarment' is the wordplay.
'go' becomes 'try' (both can mean an attempt).
'purchasing' is an insertion indicator (some letters take possession of others).
'ace' becomes 'a'.
'undergarment' becomes 'vest' (vest is a kind of undergarment).
'a'+'vest'='avest'
'try' placed around 'avest' is 'TRAVESTY'.
'for' acts as a link.
(Other definitions for travesty that I've seen before include "Ridiculous version of the genuine article" , "Total misrepresentation" , "Make fun of" , "Burlesque, parody" , "Farcical version" .)