Attempt to host elderly drama (7)
I believe the answer is:
tragedy
'drama' is the definition.
(tragedy is a kind of drama)
'attempt to host elderly' is the wordplay.
'attempt' becomes 'try' (synonyms).
'to host' means one lot of letters goes inside another.
'elderly' becomes 'aged' (synonyms).
'try' going around 'aged' is 'TRAGEDY'.
(Other definitions for tragedy that I've seen before include "shocking event" , "Play with sad ending" , "Sophoclean drama" , "Drama genre" , "Dire misfortune" .)