Cheese list not out (7)
I believe the answer is:
stilton
'cheese' is the definition.
(stilton is a cheese)
'list not out' is the wordplay.
'out' indicates an anagram (out can mean wrong or inaccurate).
'list'+'not'='listnot'
'listnot' with letters rearranged gives 'STILTON'.
(Other definitions for stilton that I've seen before include "Strong blue cheese" , "Lost tin (anag)" , "Dairy product" , "Cheese named after Cambridgeshire town" , "Blue 4 across" .)