Live oddly near stadium (5)
I believe the answer is:
arena
'stadium' is the definition.
('arena' can be a synonym of 'stadium')
'live oddly near' is the wordplay.
'live' becomes 'are' (both can mean exist).
'oddly' means one should take alternating letters.
The alternate letters of 'near' are 'na'.
'are'+'na'='ARENA'
(Other definitions for arena that I've seen before include "Ring; stage" , "Cheap Prom tickets" , "Venue for boxing, circus and other action events" , "Central area in sports stadium" , "theatre" .)