Wood, dead, regularly got rid of (5)
I believe the answer is:
fired
'got rid of' is the definition.
(I've seen this before)
'wood dead regularly' is the wordplay.
'wood' becomes 'fir' (fir is a kind of wood).
'regularly' indicates alternate letters (regularly take one letter, leave next etc.).
The alternate letters of 'dead' are 'ed'.
'fir'+'ed'='FIRED'
(Other definitions for fired that I've seen before include "Dismissed; set off" , "Aroused" , "Dismissed or ignited" , "Encouraged" , "with P45?" .)