Item cast into spell (4)
I believe the answer is:
time
'spell' is the definition.
(spell can mean a period of time)
'item cast' is the wordplay.
'cast' indicates an anagram (letters are dispersed or cast around).
'item' with letters rearranged gives 'TIME'.
'into' acts as a link.
(Other definitions for time that I've seen before include "Great healer, so they say" , "Bird" , "See 1 and 21" , "It's done in prison" , "Prison sentence; occasion" .)