Say HMS Victory signals with it (8)
I believe the answer is:
flagship
'say hms victory' is the definition.
Although both the answer and definition are singular nouns, I cannot see how one could define the other.
'signals with it' is the wordplay.
'signals' becomes 'flags' (flag is a kind of signal).
'with it' becomes 'hip' (both can mean cool or fashionable).
'flags'+'hip'='FLAGSHIP'
Can you help me to learn more?
(Other definitions for flagship that I've seen before include "Something of the greatest importance (to an admiral?)" , "Pre-eminent item" , "leader of fleet" , "Best of its kind; admiral's craft" , "Victory, perhaps" .)