noun

• (uncountable) A light fabric containing patterns of holes, usually built up from a single thread. ᵂᵖ
  "c. 1620, Francis Bacon, letter of advice to Sir George Villiers Our English dames are much given to the wearing of very fine and costly laces."
• (countable) A cord or ribbon passed through eyelets in a shoe or garment, pulled tight and tied to fasten the shoe or garment firmly. ᵂᵖ
  "your laces are untied, do them up!"
• (slang, obsolete) Spirits added to coffee or another beverage.
  "He is forced every Morning to drink his Dish of Coffee by itself, without the Addition of the Spectator, that used to be better than Lace to it."

verb

• (ergative) To fasten (something) with laces.
  "When Jenny's stays are newly laced."
• (transitive) To interweave items.
  "to lace one's fingers together"
• (transitive, cycling) To interweave the spokes of a bicycle wheel.
  "For these and other reasons, you may want to lace a new rim onto an existing hub, or vice versa. For some reason, probably because of the maze and complex angles of spokes, lacing and building a wheel has for years been a virtual mystery to even skilled home bike mechanics."
• (transitive) To beat; to lash; to make stripes on.
  "I'll Lace your Coat for ye."