Elizabethan old-timer bottles alcohol (7)
I believe the answer is:
ethanol
'alcohol' is the definition.
(ethanol is a kind of alcohol)
'elizabethan old-timer bottles' is the wordplay.
'bottles' says the answer is hidden in the clue (bottling is a kind of containing).
'ETHANOL' is hidden in the letters of 'elizabethan old timer'.
(Other definitions for ethanol that I've seen before include "Alcohol in wine, beer" , "Kind of alcohol - not hale (anag)" , "constituent for a dram?" , "Ethyl alcohol" , "Form of alcohol" .)