The Collaborative International Dictionary of English v.0.48:

Lancewood \Lance"wood`\, n. (Bot.)
   A tough, elastic wood, often used for the shafts of gigs,
   archery bows, fishing rods, and the like. Also, the tree
   which produces this wood, Duguetia Quitarensis (a native of
   Guiana and Cuba), and several other trees of the same family
   (Anonase[ae]).
   [1913 Webster]

   Australian lancewood, a myrtaceous tree (Backhousia
      Australis).
      [1913 Webster]

WordNet (r) 3.0 (2006):

lancewood
    n 1: durable straight-grained wood of the lacewood tree; used
         for building and cabinetwork and tools
    2: source of most of the lancewood of commerce [syn:
       lancewood, lancewood tree, Oxandra lanceolata]