Cryptic crossword clue
Associates male ferret with penises, by the sound of it 7

The most common and most likely answer to this crossword clue is the 7 letter word HOBNOBS

H
O
B
N
O
B
S

Buddy explains!

The straight part
We know that "associates (with)" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case associates (with) = hobnobs.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does HOBNOBS mean?

HOBNOBS verb
  1. To drink together.
  2. To associate with in a friendly manner, often with those of a higher class or status.
  3. To have or have not; to give or take.
  4. To toast one another by touching glasses.

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