Lusty Romeo set off, losing head close to balcony (7)
I believe the answer is:
raunchy
'lusty romeo set off losing head close to balcony' is the definition.
I can't judge whether this defines the answer.
'lusty romeo set off losing head close to balcony' is the wordplay.
'lusty romeo' becomes 'r' (phonetic alphabet: alpha, bravo, charlie etc.. I am not sure about the 'lusty' bit.).
'set off' becomes 'launch'.
'losing head' means to remove the first letter.
'close to' suggests the final letters (the close/ending of).
The last letter of 'balcony' is 'y'.
'launch' with its initial letter taken off is 'aunch'.
'r'+'aunch'+'y'='RAUNCHY'
(Other definitions for raunchy that I've seen before include "Steamy (book)" , "Lewd" , "Salacious" , "Steamy, exciting" , "Overtly sexual" .)