Ridiculous situation reversed in second convention for high-level transport (10)
I believe the answer is:
spacecraft
'high-level transport' is the definition.
'spacecraft' can be an answer for 'transport' (spacecraft is a kind of transport). I'm not sure about the 'high-level' bit.
'ridiculous situation reversed in second convention' is the wordplay.
'ridiculous situation' becomes 'farce' (I've seen this before).
'reversed' is a reversal indicator.
'in' is an insertion indicator.
'second' becomes 's' (common abbreviation).
'convention' becomes 'pact' (a pact is a convention or agreement).
'farce' backwards is 'ecraf'.
's'+'pact'='spact'
'ecraf' placed into 'spact' is 'SPACECRAFT'.
'for' acts as a link.
Can you help me to learn more?
(Other definitions for spacecraft that I've seen before include "Explorer, say" , "could be a UFO" , "vehicle going well beyond its normal range" , "Challenger, perhaps" , "Orbital vehicle" .)