Source : Webster's Revised Unabridged Dictionary (1913)

Steep \Steep\, v. t. [imp. & p. p. {Steeped} (st[=e]pt); p. pr.
   & vb. n. {Steeping}.] [OE. stepen, probably fr. Icel. steypa
   to cause to stoop, cast down, pour out, to cast metals,
   causative of st[=u]pa to stoop; cf. Sw. st["o]pa to cast, to
   steep, Dan. st["o]be, D. & G. stippen to steep, to dip. Cf.
   {Stoop}, v. t.]
   To soak in a liquid; to macerate; to extract the essence of
   by soaking; as, to soften seed by steeping it in water. Often
   used figuratively.

         Let fancy still my sense in Lethe steep. --Shak.

         In refreshing dew to steep The little, trembling
         flowers.                                 --Wordsworth.

         The learned of the nation were steeped in Latin.
                                                  --Earle.