The Collaborative International Dictionary of English v.0.48:

Fencing \Fen"cing\, n.
   1. The art or practice of attack and defense with the sword,
      esp. with the smallsword. See Fence, v. i., 2.
      [1913 Webster]

   2. Disputing or debating in a manner resembling the art of
      fencers. --Shak.
      [1913 Webster]

   3. The materials used for building fences. [U.S.]
      [1913 Webster]

   4. The act of building a fence.
      [1913 Webster]

   5. The aggregate of the fences put up for inclosure or
      protection; as, the fencing of a farm.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Fence \Fence\, v. t. [imp. & p. p. Fenced (f[e^]nst); p. pr. &
   vb. n. Fencing (f[e^]n"s[i^]ng).]
   1. To fend off danger from; to give security to; to protect;
      to guard.
      [1913 Webster]

            To fence my ear against thy sorceries. --Milton.
      [1913 Webster]

   2. To inclose with a fence or other protection; to secure by
      an inclosure.
      [1913 Webster]

            O thou wall! . . . dive in the earth,
            And fence not Athens.                 --Shak.
      [1913 Webster]

            A sheepcote fenced about with olive trees. --Shak.
      [1913 Webster]

   To fence the tables (Scot. Church), to make a solemn
      address to those who present themselves to commune at the
      Lord's supper, on the feelings appropriate to the service,
      in order to hinder, so far as possible, those who are
      unworthy from approaching the table. --McCheyne.
      [1913 Webster]

WordNet (r) 3.0 (2006):

fencing
    n 1: a barrier that serves to enclose an area [syn: fence,
         fencing]
    2: material for building fences [syn: fencing material,
       fencing]
    3: the art or sport of fighting with swords (especially the use
       of foils or epees or sabres to score points under a set of
       rules)

Moby Thesaurus II by Grady Ward, 1.0:

29 Moby Thesaurus words for "fencing":
   bickering, boggling, captiousness, caviling, chicane, chicanery,
   dodging, equivocation, evasion, hairsplitting, hedging,
   logic-chopping, nit-picking, paltering, parrying, pettifoggery,
   prevarication, pussyfooting, quibbling, shifting, shuffle,
   shuffling, sidestepping, subterfuge, suppressio veri, swordplay,
   tergiversation, trichoschistism, weasel words