You and I have record cry (4)
I believe the answer is:
weep
'cry' is the definition.
(I know that cry can be written as weep)
'you and i have record' is the wordplay.
'you and i' becomes 'we' (we means you and I).
'have' is a charade indicator (letters next to each other).
'record' becomes 'EP' (abbreviation for extended play record).
'we'+'ep'='WEEP'
(Other definitions for weep that I've seen before include "Display sorrow" , "Sob - ooze" , "Greet" , "Show emotion" , "Cry, shed tears" .)