A fumble, a failure: torch it! (8)
I believe the answer is:
flambeau
'torch it' is the definition.
(historical type of torch)
'a fumble a failure' is the wordplay.
'failure' indicates an anagram.
'a'+'fumble'+'a'='afumblea'
'afumblea' is an anagram of 'FLAMBEAU'.
(Other definitions for flambeau that I've seen before include "Old blazer" , "One may be burning" , "Burning torch" , "Flaming torch" , "Torch; candlestick" .)