The Collaborative International Dictionary of English v.0.48:

Caress \Ca*ress"\, v. t. [imp. & p. p. Caressed
   (k[.a]*r[e^]st"); p. pr. & vb. n. Caressing.] [F. caresser,
   fr. It. carezzare, fr. carezza caress. See Caress., n.]
   To treat with tokens of fondness, affection, or kindness; to
   touch or speak to in a loving or endearing manner; to fondle.
   [1913 Webster]

         The lady caresses the rough bloodhound.  --Sir W.
                                                  Scott.

   Syn: To fondle; embrace; pet; coddle; court; flatter.

   Usage: Caress, Fondle. "We caress by words or actions; we
          fondle by actions only." --Crabb.
          [1913 Webster] caressing

The Collaborative International Dictionary of English v.0.48:

caressing \caressing\ caressive \caressive\adj.
   showing love. caressing words
   [WordNet 1.5]

The Collaborative International Dictionary of English v.0.48:

caressing \caressing\ n.
   1. the act of embracing; holding in one's arms .
      [PJC]

   2. foreplay without contact with the genital organs.

   Syn: caressing, cuddling, fondling, hugging, kissing,
        necking, petting, smooching, snuggling.
        [WordNet 1.5]

WordNet (r) 3.0 (2006):

caressing
    n 1: affectionate play (or foreplay without contact with the
         genital organs) [syn: caressing, cuddling, fondling,
         hugging, kissing, necking, petting, smooching,
         snuggling]

Moby Thesaurus II by Grady Ward, 1.0:

28 Moby Thesaurus words for "caressing":
   amorous dalliance, billing and cooing, bundling, cuddling,
   dalliance, feeling, fingering, fondling, friction, frottage,
   handling, hugging, kissing, lollygagging, lovemaking, manipulation,
   necking, nestling, nuzzling, palpation, petting, pressure, rubbing,
   sexual intercourse, snuggling, spooning, stroking, touching