The Spanish wine, cold and 'springy' (7)
I believe the answer is:
elastic
'springy' is the definition.
('elastic' can be similar in meaning to 'springy')
'the spanish wine cold' is the wordplay.
'the spanish' becomes 'el' (**).
'wine' becomes 'asti' (I've seen this before).
'cold' becomes 'c' (eg on taps).
'el'+'asti'+'c'='ELASTIC'
'and' is the link.
(Other definitions for elastic that I've seen before include "Narrow band of rubber" , "Springing back to shape after stretching" , "It's lace (anag.)" , "Scale it (anag.)" , "Able to give a bit" .)