Cryptic crossword clue
Dangerous matter admitting last drop of liquor swallowed 11

The most common and most likely answer to this crossword clue is the 11 letter word THREATENING

I've seen this crossword clue in Financial Times
T
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Buddy explains!

The straight part
We know that "Dangerous" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case dangerous = threatening.
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 THREATENING mean?

THREATENING verb
  1. To make a threat against someone; to use threats.
  2. To menace, or be dangerous.
  3. To portend, or give a warning of.
  4. To be close to equaling or surpassing (a record, etc.)
THREATENING noun
  1. An act of threatening; a threat.
THREATENING adjective
  1. Presenting a threat; menacing; frightening.

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