What could hold tape of privy last words turned up (5)
I believe the answer is:
spool
'what could hold tape' is the definition.
(cylinder which tape might be wound around)
'privy last words turned up' is the wordplay.
'privy' becomes 'loo' (loo is a kind of privy).
'last words' becomes 'PS' (last words in a letter).
'turned up' says the letters should be written in reverse.
'loo'+'ps'='loops'
'loops' backwards is 'SPOOL'.
'of' is the link.
(Other definitions for spool that I've seen before include "On which film is wound" , "Loops around with reel" , "Film reel; wind" , "Cylinder for winding film etc" , "Loops around a thread holder" .)