I don't know Lisp well, but I remember PG saying in one of his books or essays, that Lisp is a language in which you can compile and run at read time, and the other two possibilities, too.
Macro's are evaluated inside of 'defun, however, 'defun is evaluated during runtime (when the .lisp file is being loaded into the implementation) so base698 is technically correct.
Excepting that it is not really "fraught with danger" unless you are redefining macro's that have already been expanded and cached in function definitions.
In full Lisp "compile time" is part of application execution.
Now, Clojure is kind of impaired Lisp because it is written for a VM that was not intended to be used this way and so this is not that much pronounced (but you still get REPL, etc.)
Is there anything lacking from the JVM beyond tail-call elimination that Lisp needs? I know Clojure is very slow to start up but my understanding is that this is because it uses the JVM very inefficiently, and they don't seem to care much.
You may have inadvertently misspoke, but macros operate at compile time, at least in the Lisps I have used.