Raise bread, consecrated, one should cut (5)
I believe the answer is:
hoist
'raise' is the definition.
(I know that hoist is a more specific form of the action raise)
'bread consecrated one should cut' is the wordplay.
'bread' becomes 'Host' (Host is an example).
'consecrated one' becomes 'i' (Roman numeral. I am not sure about the 'consecrated' bit.).
'should cut' is an insertion indicator (some letters cut their way into a word).
'host' enclosing 'i' is 'HOIST'.
Can you help me to learn more?
(Other definitions for hoist that I've seen before include "group of flags" , "set of flags" , "Raise with ropes" , "Lift up; device for this" , "Winch" .)