Fine offer excited Italian (7)
I believe the answer is:
forfeit
'fine' is the definition.
(I've seen this in another clue)
'offer excited italian' is the wordplay.
'excited' indicates an anagram.
'italian' becomes 'it' (common abbreviation).
'offer' is an anagram of 'forfe'.
'forfe'+'it'='FORFEIT'
(Other definitions for forfeit that I've seen before include "It has to be paid or given up as a penalty" , "Fine, penalty; give up" , "Penalty for wrongdoing" , "Something given up as a penalty" , "Give up or lose the right to something" .)