Cold cuts well inside cheese roll (7)
I believe the answer is:
brioche
'roll' is the definition.
(I know that brioche is a type of roll)
'cold cuts well inside cheese' is the wordplay.
'cold' becomes 'c' (eg on taps).
'cuts' is an insertion indicator (some letters cut their way into a word).
'well' becomes 'oh' (both are exclamations of surprise).
'inside' means one lot of letters goes inside another.
'cheese' becomes 'Brie' (Brie is an example).
'c' going into 'oh' is 'och'.
'och' going within 'brie' is 'BRIOCHE'.
(Other definitions for brioche that I've seen before include "Light cake-like loaf or roll" , "Type of light soft roll" , "French cake-like bread" , "Small French roll" , "Light sweetish roll" .)