The most common and most likely answer to this crossword clue is the 10 letter word CHLOROFORM
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More clues leading to the result CHLOROFORM
Buddy explains!

The straight part
We know that "Volatile liquid" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case volatile liquid = chloroform.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 CHLOROFORM mean?
CHLOROFORM noun- A halogenated hydrocarbon, trichloromethane, CHCl3; it is a volatile, sweet-smelling liquid, used extensively as a solvent and formerly as an anesthetic.
- To treat with chloroform, or to render unconscious with chloroform.