Source : Webster's Revised Unabridged Dictionary (1913)

Playhouse \Play"house`\, n. [AS. plegh[=u]s.]
   1. A building used for dramatic exhibitions; a theater.
      --Shak.

   2. A house for children to play in; a toyhouse.

Source : WordNet®

playhouse
     n : plaything consisting of a small model of a house that
         children can play inside of [syn: {wendy house}]