Source : Webster's Revised Unabridged Dictionary (1913)

Piccolo \Pic"co*lo\, n. [It., small.]
   1. (Mus.) A small, shrill flute, the pitch of which is an
      octave higher than the ordinary flute; an octave flute.

   2. (Mus.) A small upright piano.

   3. (Mus.) An organ stop, with a high, piercing tone.

Source : WordNet®

piccolo
     n : a small flute; pitched an octave above the standard flute