Live with an old comic (5)
I believe the answer is:
beano
'comic' is the definition.
(The Beano is a British comic)
'live with an old' is the wordplay.
'live' becomes 'bean' (I can't explain this - if you can you should give a lot more credence to this answer).
'with' means one lot of letters go next to another.
'an old' becomes 'o' (abbreviation).
'bean'+'o'='BEANO'
Can you help me to learn more?
(Other definitions for beano that I've seen before include "Comic and informal get-together" , "A bone for a feast" , "Enjoyable party" , "Function" , "Kids' comic" .)