This paper takes a close look at graceful labelling and its applications. We pay special attention to the famous Graceful Tree Conjecture, which has attracted a lot of interest and engaged many researchers over the last 40+ years, and yet to this day remains unsolved. We describe applications of graceful and graceful-like labellings of trees to several well known combinatorial problems and we expose yet another one, namely the connection between α-labelling of paths and near transversals in Latin squares. Finally, we show how spectral graph theory can be used to further the progress on the Graceful Tree Conjecture.