The most common and most likely answer to this crossword clue is the 4 letter word HOOT
I've seen this crossword clue in The Daily Telegraph
H
O
O
T
More clues leading to the result HOOT
- Furious about onlooker’s first jeer of derision
- House with old books — indication of wise old bird?
- Bird-call that is very funny
- Funny person making particular bird sound
- Try for goal, not starting to laugh
- Excited about nothing? That’s a laugh!
- Funny thing, the sound of an owl
- Thematic sound is 4
- Someone funny and passionate with extra love
- House to back what’s voiced in parliament?
Buddy explains!

The straight part
We know that "Warning:" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case warning: = hoot.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 HOOT mean?
HOOT noun- A derisive cry or shout.
- The cry of an owl.
- A fun event or person. (See hootenanny)
- A small particle.
- To cry out or shout in contempt.
- To make the cry of an owl, a hoo.
- To assail with contemptuous cries or shouts; to follow with derisive shouts.
- To sound the horn of a vehicle