The most common and most likely answer to this crossword clue is the 5 plus 5 letter word WATER SPORT
I've seen this crossword clue in Independent
W
A
T
E
R
S
P
O
R
T
Buddy explains!
The straight part
We know that "amusement – dry it’s not" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case amusement – dry it’s not = water sport.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.