Source : Webster's Revised Unabridged Dictionary (1913)

Worst \Worst\, v. t. [imp. & p. p. {Worsted}; p. pr. & vb. n.
   {Worsting}.] [See {Worse}, v. t. & a.]
   To gain advantage over, in contest or competition; to get the
   better of; to defeat; to overthrow; to discomfit.

         The . . . Philistines were worsted by the captivated
         ark.                                     --South.

Worsted \Worst"ed\ (?; 277), n. [From Worsted, now spelled
   Worstead, a town in Norfolk, England; for Worthstead. See
   {Worth}, n., and {Stead}.]
   1. Well-twisted yarn spun of long-staple wool which has been
      combed to lay the fibers parallel, used for carpets,
      cloth, hosiery, gloves, and the like.

   2. Fine and soft woolen yarn, untwisted or lightly twisted,
      used in knitting and embroidery.

Source : WordNet®

worsted
     n 1: a woolen fabric with a hard textured surface and no nap;
          woven of worsted yarns
     2: a tightly twisted woolen yarn