Played the fool with the lb100 possessed (7)

'played the fool' is the definition.
The definition and answer can be both related to bodily activities as well as being past participle verbs.
Perhaps there's an association between them I don't understand?

'with the lb100 possessed' is the wordplay.
'with' says to put letters next to each other.
'the lbc00' becomes 'cl' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'possessed' becomes 'owned' ('own' can be a synonym of 'possess').
'cl' put next to 'owned' is 'CLOWNED'.

Can you help me to learn more?