Source : Webster's Revised Unabridged Dictionary (1913)

Shave \Shave\, v. i.
   To use a razor for removing the beard; to cut closely; hence,
   to be hard and severe in a bargain; to practice extortion; to
   cheat.

Shave \Shave\,
   obs. p. p. of {Shave}. --Chaucer.

         His beard was shave as nigh as ever he can. --Chaucer.

Shave \Shave\, v. t. [imp. {Shaved};p. p. {Shaved} or {Shaven};
   p. pr. & vb. n. {Shaving}.] [OE. shaven, schaven, AS. scafan,
   sceafan; akin to D. schaven, G. schaben, Icel. skafa, Sw.
   skafva, Dan. skave, Goth. scaban, Russ. kopate to dig, Gr.
   ????, and probably to L. scabere to scratch, to scrape. Cf.
   {Scab}, {Shaft}, {Shape}.]
   1. To cut or pare off from the surface of a body with a razor
      or other edged instrument; to cut off closely, as with a
      razor; as, to shave the beard.

   2. To make bare or smooth by cutting off closely the surface,
      or surface covering, of; especially, to remove the hair
      from with a razor or other sharp instrument; to take off
      the beard or hair of; as, to shave the face or the crown
      of the head; he shaved himself.

            I'll shave your crown for this.       --Shak.

            The laborer with the bending scythe is seen Shaving
            the surface of the waving green.      --Gay.

   3. To cut off thin slices from; to cut in thin slices.

            Plants bruised or shaven in leaf or root. --Bacon.

   4. To skim along or near the surface of; to pass close to, or
      touch lightly, in passing.

            Now shaves with level wing the deep.  --Milton.

   5. To strip; to plunder; to fleece. [Colloq.]

   {To shave a note}, to buy it at a discount greater than the
      legal rate of interest, or to deduct in discounting it
      more than the legal rate allows. [Cant, U.S.]

Shave \Shave\, n. [AS. scafa, sceafa, a sort of knife. See
   {Shave}, v. t.]
   1. A thin slice; a shaving. --Wright.

   2. A cutting of the beard; the operation of shaving.

   3.
      (a) An exorbitant discount on a note. [Cant, U.S.]
      (b) A premium paid for an extension of the time of
          delivery or payment, or for the right to vary a stock
          contract in any particular. [Cant, U.S.] --N. Biddle.

   4. A hand tool consisting of a sharp blade with a handle at
      each end; a drawing knife; a spokeshave.

   5. The act of passing very near to, so as almost to graze;
      as, the bullet missed by a close shave. [Colloq.]

   {Shave grass} (Bot.), the scouring rush. See the Note under
      {Equisetum}.

   {Shave hook}, a tool for scraping metals, consisting of a
      sharp-edged triangular steel plate attached to a shank and
      handle.

Source : WordNet®

shave
     n : the act of removing hair with a razor [syn: {shaving}]
     [also: {shaven}]

shave
     v 1: remove body hair with a razor
     2: cut closely; "trim my beard" [syn: {trim}]
     3: cut the price of [syn: {knock off}]
     4: cut or remove with or as if with a plane; "The machine
        shaved off fine layers from the piece of wood" [syn: {plane}]
     5: make shavings of or reduce to shavings; "shave the radish"
     6: touch the surface of lightly; "His back shaved the counter
        in passing"
     [also: {shaven}]