Stretchy lace, it's weird (7)
I believe the answer is:
elastic
'stretchy' is the definition.
(something elastic can be stretched)
'lace it's weird' is the wordplay.
'weird' indicates anagramming the letters.
'lace'+'its'='laceits'
'laceits' anagrammed gives 'ELASTIC'.
(Other definitions for elastic that I've seen before include "Giving" , "Kind of band" , "Flexible, adaptable" , "Narrow band of rubber" , "Pliable" .)