It has flashing lights, potentially splicing corneas (7,8)
I believe the answer is:
pelican crossing
'it has flashing lights' is the definition.
The definition suggests a singular noun which matches the answer.
'potentially splicing corneas' is the wordplay.
'potentially' is an anagram indicator (letters have the potential to spell a new word).
'splicing'+'corneas'='splicingcorneas'
'splicingcorneas' anagrammed gives 'PELICAN CROSSING'.
Can you help me to learn more?
(Other definitions for pelican crossing that I've seen before include "safe place to walk" , "I can stop the traffic" .)