Play with retracting pencil or felt-tip pens (6)
I believe the answer is:
frolic
'play' is the definition.
(I know that play can be written as frolic)
'retracting pencil or felt-tip pens' is the wordplay.
'retracting' says the letters should be written in reverse (I've seen 'retracted' mean this).
'pens' indicates a hidden word (pen can mean to contain or cage).
'cilorf' is hidden in the letters of 'pencil or felt tip'.
'cilorf' back-to-front is 'FROLIC'.
'with' acts as a link.
(Other definitions for frolic that I've seen before include "Caper, engage in lively play" , "Lively play, romp" , "Merrymaking" , "Caper, gambol" , "Cut capers" .)