Lariats and cowboys may be thrown at it (5)

I believe the answer is:

rodeo

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'it' is the definition.
The definition suggests a singular noun which matches the answer.

I cannot understand how the rest of the clue works.

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(Other definitions for rodeo that I've seen before include "American show" , "Western show" , "Wild West show" , "Drive in Beverly Hills" , "At which cowboys show their skills" .)

I've seen this clue in The Globe and Mail.

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