Possible Clues:

• It's said water is expensive for Rudolph, say
• Dancer, say, could be 1, without touch of red on tip of nose
• Rudolph, for example
• Bridle expensive, we hear, for an animal
• Santa's Prancer, say
• Santa's animal
• Bad wether, luv, for animals
• Dancer maybe one's attached to a bit expensive, say
• Wild animal -- one needs restriction by river, right?
• My love, by the sound of it it's not so fine for transport for Santa Claus