Definitions of lace:

• noun:   a delicate decorative fabric woven in an open web of symmetrical patterns
• noun:   a cord that is drawn through eyelets or around hooks in order to draw together two edges (as of a shoe or garment)
• verb:   draw through eyes or holes

  Example: "Lace the shoelaces"

• verb:   do lacework
• verb:   add alcohol beverages
• verb:   make by braiding or interlacing

  Example: "Lace a tablecloth"

• verb:   spin or twist together so as to form a cord
• name:  A surname (very rare: popularity rank in the U.S.: #62609)