Source : Webster's Revised Unabridged Dictionary (1913)

Salvage \Sal"vage\, a. & n.
   Savage. [Obs.] --Spenser.

Salvage \Sal"vage\ (?; 48), n. [F. salvage, OF. salver to save,
   F. sauver, fr. L. salvare. See {Save}.]
   1. The act of saving a vessel, goods, or life, from perils of
      the sea.

            Salvage of life from a British ship, or a foreign
            ship in British waters, ranks before salvage of
            goods.                                --Encyc. Brit.

   2. (Maritime Law)
      (a) The compensation allowed to persons who voluntarily
          assist in saving a ship or her cargo from peril.
      (b) That part of the property that survives the peril and
          is saved. --Kent. Abbot.

Source : WordNet®

salvage
     n 1: property or goods saved from damage or destruction
     2: the act of saving goods or property that were in danger of
        damage or destruction
     3: the act of rescuing a ship or its crew or its cargo from a
        shipwreck or a fire

salvage
     v 1: save from ruin, destruction, or harm [syn: {salve}, {relieve},
           {save}]
     2: collect discarded or refused material; "She scavenged the
        garbage cans for food" [syn: {scavenge}]