The Collaborative International Dictionary of English v.0.48:

Bait \Bait\ (b[=a]t), v. t. [imp. & p. p. Baited; p. pr. & vb.
   n. Baiting.] [OE. baiten, beit[=e]n, to feed, harass, fr.
   Icel. beita, orig., to cause to bite, fr. b[imac]ta.
   [root]87. See Bite.]
   [1913 Webster]
   1. To provoke and harass; esp., to harass or torment for
      sport; as, to bait a bear with dogs; to bait a bull.
      [1913 Webster]

   2. To give a portion of food and drink to, upon the road; as,
      to bait horses. --Holland.
      [1913 Webster]

   3. To furnish or cover with bait, as a trap or hook.
      [1913 Webster]

            A crooked pin . . . baited with a vile earthworm.
                                                  --W. Irving.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

baiting \baiting\ (b[=a]t"[i^]ng), n.
   harassment, especially of a tethered animal.
   [WordNet 1.5]

WordNet (r) 3.0 (2006):

baiting
    n 1: harassment especially of a tethered animal