Cryptic crossword clue
Fun having vermouth during Oxford term 8

The most common and most likely answer to this crossword clue is the 8 letter word HILARITY

I've seen this crossword clue in Financial Times
H
I
L
A
R
I
T
Y


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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.

What does HILARITY mean?

HILARITY noun
  1. A great amount of amusement, usually accompanied by laughter.
  2. Something that induces laughter.

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