The Collaborative International Dictionary of English v.0.48:

hovercraft \hov"er*craft\, n.
   A vehicle that rides over water or land supported by the
   pressure of a stream of air generated by downward-thrusting
   fans, and is propelled forward by an air propeller; also
   called ACV and air-cushioned vehicle. [Mostly found in
   Great Britain]
   [PJC]