Strangely it's nan wrapping Timothy's first present (7)
I believe the answer is:
instant
'present' is the definition.
('instant' can be similar in meaning to 'present')
'strangely it's nan wrapping timothy's first' is the wordplay.
'strangely' is an anagram indicator.
'wrapping' means one lot of letters goes inside another.
'first' suggests taking the first letters.
The first letter of 'timothys' is 't'.
'its'+'nan'='itsnan'
'itsnan' anagrammed gives 'insant'.
'insant' going around 't' is 'INSTANT'.
(Other definitions for instant that I've seen before include "Not detailed" , "Occurring with no delay" , "Occurring immediately, like some fast food" , "Immediate; flash" , "Fast, flash" .)