Source : Webster's Revised Unabridged Dictionary (1913)

Palace \Pal"ace\, n. [OE. palais, F. palais, fr. L. palatium,
   fr. Palatium, one of the seven hills of Rome, ? which
   Augustus had his residence. Cf. {Paladin}.]
   1. The residence of a sovereign, including the lodgings of
      high officers of state, and rooms for business, as well as
      halls for ceremony and reception. --Chaucer.

   2. The official residence of a bishop or other distinguished
      personage.

   3. Loosely, any unusually magnificent or stately house.

   {Palace car}. See under {Car}.

   {Palace court}, a court having jurisdiction of personal
      actions arising within twelve miles of the palace at
      Whitehall. The court was abolished in 1849. [Eng.]
      --Mozley & W.

Source : WordNet®

palace
     n 1: a large and stately mansion [syn: {castle}]
     2: the governing group of a kingdom; "the palace issued an
        order binding on all subjects"
     3: a large ornate exhibition hall
     4: official residence of an exalted person (as a sovereign)

Source : Free On-Line Dictionary of Computing

Palace
     
         A proprietary multi-user {virtual
        reality}-like {talk} system.
     
        The Palace is distinguished from most other VR-like systems in
        that it is only two-dimensional rather than three; rooms,
        {avatars}, and "props" are made up of relatively small 2D
        {bitmap} images.
     
        Palace is a crude {hack}, or lightweight, depending on
        your point of view.
     
        {Home (http://www.thepalace.com/)}.
     
        (1997-09-14)