The most common and most likely answer to this crossword clue is the 5 plus 3 plus 3 plus 4 letter word PETER AND THE WOLF
I've seen this crossword clue in The Guardian
P
E
T
E
R
A
N
D
T
H
E
W
O
L
F
More clues leading to the result PETER AND THE WOLF
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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.