Source : Webster's Revised Unabridged Dictionary (1913)

Waft \Waft\, v. i.
   To be moved, or to pass, on a buoyant medium; to float.

         And now the shouts waft near the citadel. --Dryden.

Waft \Waft\, v. t. [imp. & p. p. {Wafted}; p. pr. & vb. n.
   {Wafting}.] [Prob. originally imp. & p. p. of wave, v. t. See
   {Wave} to waver.]
   1. To give notice to by waving something; to wave the hand
      to; to beckon. [Obs.]

            But soft: who wafts us yonder?        --Shak.

   2. To cause to move or go in a wavy manner, or by the impulse
      of waves, as of water or air; to bear along on a buoyant
      medium; as, a balloon was wafted over the channel.

            A gentle wafting to immortal life.    --Milton.

            Speed the soft intercourse from soul to soul, And
            waft a sigh from Indus to the pole.   --Pope.

   3. To cause to float; to keep from sinking; to buoy. [Obs.]
      --Sir T. Browne.

   Note: This verb is regular; but waft was formerly som?times
         used, as by Shakespeare, instead of wafted.

Waft \Waft\, n.
   1. A wave or current of wind. ``Everywaft of the air.''
      --Longfellow.

            In this dire season, oft the whirlwind's wing Sweeps
            up the burden of whole wintry plains In one wide
            waft.                                 --Thomson.

   2. A signal made by waving something, as a flag, in the air.

   3. An unpleasant flavor. [Obs.]

   4. (Naut.) A knot, or stop, in the middle of a flag. [Written
      also {wheft}.]

   Note: A flag with a waft in it, when hoisted at the staff, or
         half way to the gaff, means, a man overboard; at the
         peak, a desire to communicate; at the masthead,
         ``Recall boats.''

Source : WordNet®

waft
     n : a long flag; often tapering [syn: {pennant}, {pennon}, {streamer}]

waft
     v 1: be driven or carried along, as by the air; "Sounds wafted
          into the room"
     2: blow gently; "A breeze wafted through the door"