Suspend rails precariously around earthly paradise (7,2)
I believe the answer is:
shangri la
'earthly paradise' is the definition.
(I've seen this before)
'suspend rails precariously around' is the wordplay.
'suspend' becomes 'hang' (to hang is to suspend from something).
'precariously' indicates anagramming the letters (a precarious or shaky form of the letters).
'around' means one lot of letters goes inside another.
'rails' is an anagram of 'srila'.
'hang' inserted within 'srila' is 'SHANGRI-LA'.
(Other definitions for shangri la that I've seen before include "A Hilton invention" , "wonderful place" , "Utopian retreat" , "perfect situation" , "earthly paradise" .)