Ozzy Osbourne's home taking LSD in mad cocktail (8)
I believe the answer is:
midlands
'ozzy osbourne's home' is the definition.
(Ozzy Osbourne is from the Midlands)
'lsd in mad cocktail' is the wordplay.
'cocktail' indicates anagramming the letters.
'lsd'+'in'+'mad'='lsdinmad'
'lsdinmad' is an anagram of 'MIDLANDS'.
'taking' is the link.
(Other definitions for midlands that I've seen before include "interior" , "Central area" , "Counties in the centre of Ireland" , "Region" , "SECOND PART OF 20" .)