Source : Webster's Revised Unabridged Dictionary (1913)

Carving \Carv"ing\, n.
   1. The act or art of one who carves.

   2. A piece of decorative work cut in stone, wood, or other
      material. ``Carving in wood.'' --Sir W. Temple.

   3. The whole body of decorative sculpture of any kind or
      epoch, or in any material; as, the Italian carving of the
      15th century.

Carve \Carve\, v. t. [imp. & p. p. {Carved}; p. pr. & vb. n.
   {Carving}.] [AS. ceorfan to cut, carve; akin to D. kerven, G.
   kerben, Dan. karve, Sw. karfva, and to Gr. ? to write, orig.
   to scatch, and E. -graphy. Cf. {Graphic}.]
   1. To cut. [Obs.]

            Or they will carven the shepherd's throat.
                                                  --Spenser.

   2. To cut, as wood, stone, or other material, in an artistic
      or decorative manner; to sculpture; to engrave.

            Carved with figures strange and sweet. --Coleridge.

   3. To make or shape by cutting, sculpturing, or engraving; to
      form; as, to carve a name on a tree.

            An angel carved in stone.             --Tennyson.

            We carved not a line, and we raised not a stone.
                                                  --C. Wolfe.

   4. To cut into small pieces or slices, as meat at table; to
      divide for distribution or apportionment; to apportion.
      ``To carve a capon.'' --Shak.

Source : WordNet®

carving
     n 1: a sculpture created by carving (as wood or ivory or stone)
     2: cutting away parts to create a desired shape [syn: {cutting}]
     3: creating figures or designs in three dimensions [syn: {sculpture}]