It's a trap, we note (3)
I believe the answer is:
web
'it's a trap' is the definition.
(web is a kind of trap)
'we note' is the wordplay.
'note' becomes 'b' (musical note).
'we'+'b'='WEB'
(Other definitions for web that I've seen before include "Network; mesh" , "Spider's network" , "Network (maybe worldwide?)" , "Lattice" , "Spider's trap" .)