The Collaborative International Dictionary of English v.0.48:

Despise \De*spise"\, v. t. [imp. & p. p. Despised; p. pr. &
   vb. n. Despising.] [OF. despis-, in some forms of despire
   to despise, fr. L. despicere, despectum, to look down upon,
   despise; de- + spicere, specere, to look. See Spy, and cf.
   Despicable, Despite.]
   To look down upon with disfavor or contempt; to contemn; to
   scorn; to disdain; to have a low opinion or contemptuous
   dislike of.
   [1913 Webster]

         Fools despise wisdom and instruction.    --Prov. i. 7.
   [1913 Webster]

         Men naturally despise those who court them, but respect
         those who do not give way to them.       --Jowett
                                                  (Thucyd. ).

   Syn: To contemn; scorn; disdain; slight; undervalue. See
        Contemn.
        [1913 Webster]

WordNet (r) 3.0 (2006):

despising
    n 1: a feeling of scornful hatred [syn: despisal, despising]