Cryptic crossword clue
Little Ships debut of Billy Crystal, producer extraordinaire     

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

I've seen this crossword clue in Independent
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Buddy explains!

The straight part
We know that "Little Ships/Little Ships/extraordinaire     " is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case little ships/little ships/extraordinaire      = barques.
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 BARQUES mean?

BARQUES noun
  1. A sailing vessel of three or more masts, with all masts but the sternmost square-rigged, the sternmost being fore-and-aft-rigged
  2. Any small sailing vessel
  3. A sailing vessel or boat of any kind

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