Source : Webster's Revised Unabridged Dictionary (1913)

Faucet \Fau"cet\, n. [F. fausset, perh. fr. L. fauces throat.]
   1. A fixture for drawing a liquid, as water, molasses, oil,
      etc., from a pipe, cask, or other vessel, in such
      quantities as may be desired; -- called also {tap}, and
      {cock}. It consists of a tubular spout, stopped with a
      movable plug, spigot, valve, or slide.

   2. The enlarged end of a section of pipe which receives the
      spigot end of the next section.

Source : WordNet®

faucet
     n : a regulator for controlling the flow of a liquid from a
         reservoir