From Teflpedia

Practice (/præktɪs/) controlled practice, free practice

It’s a stage in the PPP lesson format.

Note that in British and Commonwealth English, "practice" is a noun, but the homophonymous verb is "to practise", with the present participle "practising", preterite and past participle "practised". It’s the same spelling distinction as found between "advice" (n) and "advise" (v). Not getting this right, and writing *practiced or *practicing, is potentially embarrassing for an English teacher.

American English doesn’t make this distinction, where "practice" is both the verb and the noun.