Record, very bad, extremely lame (9)
I believe the answer is:
chronicle
'record' is the definition.
(I know that chronicle is a type of record)
'very bad extremely lame' is the wordplay.
'very bad' becomes 'chronic' (I've seen this before).
'extremely' says to hollow out the word (remove centre letters) (only the extremes of the word are used).
'lame' with its centre taken out is 'le'.
'chronic'+'le'='CHRONICLE'
(Other definitions for chronicle that I've seen before include "Historical account" , "Story" , "(Make a) historical record" , "Narrative description of past events" , "Account of important events" .)