The term 'BUOYED WRECKAGE' is composed of two words: 'BUOYED' and 'WRECKAGE'. 'BUOYED' is a verb meaning to be supported or lifted up, while 'WRECKAGE' is a noun referring to the remains of something that has been destroyed. The crossword solution for this term is 'LAGAN', which is a type of buoy used to mark a wreck or other submerged object. Lagan buoys are typically attached to the WRECKAGE and float on the surface of the water, allowing them to be easily spotted by passing vessels.