It could make me a lord (7)
I believe the answer is:
earldom
'it' is the definition.
The definition suggests a singular noun which matches the answer.
'make me a lord' is the wordplay.
'make' indicates anagramming the letters.
'me'+'a'+'lord'='mealord'
'mealord' with letters rearranged gives 'EARLDOM'.
'could' acts as a link.
Can you help me to learn more?
(Other definitions for earldom that I've seen before include "What sort of noble has" , "noble title?" , "Noble rank" , "Noble's lands or rank" , "Peer's rank" .)