The Collaborative International Dictionary of English v.0.48:

Brazil wood \Bra*zil" wood`\, Brazilwood
\Bra*zil"wood`\(br[.a]*z[i^]l" w[oo^]d`). [OE. brasil, LL.
   brasile (cf. Pg. & Sp. brasil, Pr. bresil, Pr. bresil); perh.
   from Sp. or Pg. brasa a live coal (cf. Braze, Brasier);
   or Ar. vars plant for dyeing red or yellow. This name was
   given to the wood from its color; and it is said that King
   Emanuel, of Portugal, gave the name Brazil to the country in
   South America on account of its producing this wood.]
   [1913 Webster]
   1. The wood of the oriental C[ae]salpinia Sapan; -- so
      called before the discovery of America.
      [1913 Webster]

   2. A very heavy wood of a reddish color, imported from Brazil
      and other tropical countries, for cabinet-work, and for
      dyeing. The best is the heartwood of Caesalpinia
      echinata, a leguminous tree; but other trees also yield
      it. An inferior sort comes from Jamaica, the timber of
      Caesalpinia Braziliensis and Caesalpinia crista. This
      is often distinguished as Braziletto, but the better
      kind is also frequently so named. The wood is also used
      for violin bows.
      [1913 Webster]

   3. a tropical tree (Caesalpinia echinata) with a prickly
      trunk; its heavy red heartwood (also called brazilwood)
      yields a red dye and is used for cabinetry.

   Syn: peachwood, pernambuco wood.
        [WordNet 1.5]