Source : Webster's Revised Unabridged Dictionary (1913)

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.]

Shaving \Shav"ing\, n.
   1. The act of one who, or that which, shaves; specifically,
      the act of cutting off the beard with a razor.

   2. That which is shaved off; a thin slice or strip pared off
      with a shave, a knife, a plane, or other cutting
      instrument. ``Shaving of silver.'' --Chaucer.

   {Shaving brush}, a brush used in lathering the face
      preparatory to shaving it.

Source : WordNet®

shaving
     n 1: the act of removing hair with a razor [syn: {shave}]
     2: a thin fragment or slice (especially of wood) that has been
        shaved from something [syn: {paring}, {sliver}]
     3: the act of brushing against while passing [syn: {grazing}, {skimming}]