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One watches Waterloo KO Uttoxeter, missing part of it (7)

Ross

I believe the answer is:

lookout

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'one' is the definition.
Although both the answer and definition are singular nouns, I don't understand how they can define each other.

'watches waterloo ko uttoxeter missing part of it' is the wordplay.
'missing part of it' indicates the answer is hidden within the clue.
'LOOKOUT' is hidden within 'watches waterloo ko uttoxeter'.

Can you help me to learn more?

(Other definitions for lookout that I've seen before include "Be careful!" , "Guard on duty" , "Nightwatchman" , "Person on watch for dangers" , "Observer; concern" .)

I've seen this clue in The Telegraph.
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