Cryptic crossword clue
Waver like an ass, swapping new for very old moggy 10

The most common and most likely answer to this crossword clue is the 10 letter word EQUIVOCATE

I've seen this crossword clue in The Times
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The straight part
We know that "Waver" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case waver = equivocate.
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 EQUIVOCATE mean?

EQUIVOCATE verb
  1. To use words of equivocal or doubtful signification; to express one's opinions in terms which admit of different senses, with intent to deceive; to use ambiguous expressions with a view to mislead; as, to equivocate is the work of duplicity.
  2. To render equivocal or ambiguous.

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