The Collaborative International Dictionary of English v.0.48:

Stacte \Stac"te\ (st[a^]k"t[-e]), n. [L., fr. Gr. stakth`,
   strictly fem. of stakto`s oozing out in drops, fr. sta`zein
   to drop.]
   One of the sweet spices used by the ancient Jews in the
   preparation of incense. It was perhaps an oil or other form
   of myrrh or cinnamon, or a kind of storax. --Ex. xxx. 34.
   [1913 Webster]

WordNet (r) 3.0 (2006):

stacte
    n 1: (Old Testament) one of several sweet-smelling spices used
         in incense

Easton's 1897 Bible Dictionary:

Stacte
   (Heb. nataph), one of the components of the perfume which was
   offered on the golden altar (Ex. 30:34; R.V. marg.,
   "opobalsamum"). The Hebrew word is from a root meaning "to
   distil," and it has been by some interpreted as distilled myrrh.
   Others regard it as the gum of the storax tree, or rather shrub,
   the Styrax officinale. "The Syrians value this gum highly, and
   use it medicinally as an emulcent in pectoral complaints, and
   also in perfumery."