Way to gag Yankee with elastic (8)
I believe the answer is:
stretchy
'elastic' is the definition.
('stretchy' can be similar in meaning to 'elastic')
'way to gag yankee' is the wordplay.
'way' becomes 'st'.
'to gag' becomes 'retch' (I've seen this before).
'yankee' becomes 'y' (phonetic alphabet: alpha, bravo, charlie etc.).
'st'+'retch'+'y'='STRETCHY'
'with' is the link.
(Other definitions for stretchy that I've seen before include "Elastic" , "Flexible" , "Of variable length, perhaps" .)