The Collaborative International Dictionary of English v.0.48:

Balcony \Bal"co*ny\ (b[a^]l"k[-o]*n[y^]; 277), n.; pl.
   Balconies (b[a^]l"k[-o]*n[i^]z). [It. balcone; cf. It.
   balco, palco, scaffold, fr. OHG. balcho, palcho, beam, G.
   balken. See Balk beam.]
   1. (Arch.) A platform projecting from the wall of a building,
      usually resting on brackets or consoles, and inclosed by a
      parapet; as, a balcony in front of a window. Also, a
      projecting gallery in places of amusement; as, the balcony
      in a theater.
      [1913 Webster]

   2. A projecting gallery once common at the stern of large
      ships.
      [1913 Webster]

   Note: "The accent has shifted from the second to the first
         syllable within these twenty years." --Smart (1836).
         [1913 Webster]