Ted, perhaps, to go round and round in the water (4)
I believe the answer is:
eddy
'round in the water' is the definition.
'eddy' can be an answer for 'round' (thesaurus). I'm not certain of the 'in the water' bit.
'ted perhaps to go round' is the wordplay.
I cannot quite understand how this works, but
'perhaps' could be 'y' (I've seen this in other clues) and 'y' is present in the answer.
The remaining letters 'edd' is a valid word which might be clued in a way I don't see.
This explanation may well be incorrect...
'and' acts as a link.
Can you help me to learn more?
(Other definitions for eddy that I've seen before include "Fellow" , "Twist" , "Turner at sea" , "Whirling current" , "Current running against the main stream, causes small whirlpool" .)