Lyric sounded outstanding (3)
I believe the answer is:
ode
'lyric' is the definition.
(I know that ode is a type of lyric)
'sounded outstanding' is the wordplay.
'sounded' indicates a 'sounds like' (homophone) clue.
'outstanding' becomes 'owed' (as in an outstanding debt).
'owed' sounds like 'ODE'.
(Other definitions for ode that I've seen before include "Poem expressing noble feelings" , "Lines" , "Literary work" , "Sung poem" , "Poetic composition" .)