Reptile again out round university (6)
I believe the answer is:
'reptile' is the definition.
(iguana is a kind of reptile)
'again out round university' is the wordplay.
'out' indicates an anagram (out can mean wrong or inaccurate).
'round' is an insertion indicator.
'university' becomes 'u' (abbreviation for university).
'again' is an anagram of 'igana'.
'igana' going around 'u' is 'IGUANA'.
(Other definitions for iguana that I've seen before include "Type of lizard", "Tropical spiny lizard", "Arboreal lizard with a spiny crest", "reptile", "Lizard Darwin found in the Galapagos".)