Source : Webster's Revised Unabridged Dictionary (1913)

Raillery \Rail"ler*y\ (r[a^]l"l[~e]r*[y^] or r[=a]l"-; 277), n.
   [F. raillerie, fr. railler. See {Rail} to scoff.]
   Pleasantry or slight satire; banter; jesting language;
   satirical merriment.

         Let raillery be without malice or heat.  --B. Jonson.

         Studies employed on low objects; the very naming of
         them is sufficient to turn them into raillery.
                                                  --Addison.

Source : WordNet®

raillery
     n : light teasing repartee [syn: {banter}, {give-and-take}, {backchat}]