Source : Webster's Revised Unabridged Dictionary (1913)

Steep \Steep\ (st[=e]p), a.
   Bright; glittering; fiery. [Obs.]

         His eyen steep, and rolling in his head. --Chaucer.

Steep \Steep\, v. t. [imp. & p. p. {Steeped} (st[=e]pt); p. pr.
   & vb. n. {Steeping}.] [OE. stepen, probably fr. Icel. steypa
   to cause to stoop, cast down, pour out, to cast metals,
   causative of st[=u]pa to stoop; cf. Sw. st["o]pa to cast, to
   steep, Dan. st["o]be, D. & G. stippen to steep, to dip. Cf.
   {Stoop}, v. t.]
   To soak in a liquid; to macerate; to extract the essence of
   by soaking; as, to soften seed by steeping it in water. Often
   used figuratively.

         Let fancy still my sense in Lethe steep. --Shak.

         In refreshing dew to steep The little, trembling
         flowers.                                 --Wordsworth.

         The learned of the nation were steeped in Latin.
                                                  --Earle.

Steep \Steep\, v. i.
   To undergo the process of soaking in a liquid; as, the tea is
   steeping. [Colloq.]

Steep \Steep\, n.
   1. Something steeped, or used in steeping; a fertilizing
      liquid to hasten the germination of seeds.

   2. A rennet bag. [Prov. Eng.]

Steep \Steep\, a. [Comper. {Steeper}; superl. {Steepest}.] [OE.
   steep, step, AS. ste['a]p; akin to Icel. steyp?r steep, and
   st[=u]pa to stoop, Sw. stupa to fall, to tilt; cf. OFries.
   stap high. Cf. {Stoop}, v. i., {Steep}, v. t., {Steeple}.]
   1. Making a large angle with the plane of the horizon;
      ascending or descending rapidly with respect to a
      horizontal line or a level; precipitous; as, a steep hill
      or mountain; a steep roof; a steep ascent; a steep
      declivity; a steep barometric gradient.

   2. Difficult of access; not easy reached; lofty; elevated;
      high. [Obs.] --Chapman.

   3. Excessive; as, a steep price. [Slang]

Steep \Steep\, n.
   A precipitous place, hill, mountain, rock, or ascent; any
   elevated object sloping with a large angle to the plane of
   the horizon; a precipice. --Dryden.

         We had on each side naked rocks and mountains broken
         into a thousand irregular steeps and precipices.
                                                  --Addison.

         Bare steeps, where desolation stalks.    --Wordsworth.

Source : WordNet®

steep
     adj 1: having a sharp inclination; "the steep attic stairs"; "steep
            cliffs" [ant: {gradual}]
     2: greatly exceeding bounds of reason or moderation;
        "exorbitant rent"; "extortionate prices"; "spends an
        outrageous amount on entertainment"; "usorious interest
        rate"; "unconscionable spending" [syn: {exorbitant}, {extortionate},
         {outrageous}, {unconscionable}, {usurious}]
     3: of a slope; set at a high angle; "note the steep incline";
        "a steep roof sheds snow"

steep
     n : a steep place (as on a hill)

steep
     v 1: engross (oneself) fully; "He immersed himself into his
          studies" [syn: {immerse}, {engulf}, {plunge}, {engross},
           {absorb}, {soak up}]
     2: let sit in a liquid to extract a flavor or to cleanse;
        "steep the blossoms in oil"; "steep the fruit in alcohol"
        [syn: {infuse}]