Party time for stud (3)
I believe the answer is:
dot
'stud' is the definition.
(synonyms)
'party time' is the wordplay.
'party' becomes 'do' (do is a kind of party).
'time' becomes 't' (abbreviation).
'do'+'t'='DOT'
'for' is the link.
(Other definitions for dot that I've seen before include "Marriage portion; spot" , "Little mark" , "Small round spot" , "Spot, speck" , "Full stop, period or tittle" .)