NOUN (1)

1. a negotiation between enemies;


VERB (1)

1. discuss, as between enemies;

The Collaborative International Dictionary of English v.0.48:

Parley \Par"ley\, n.; pl. Parleys. [F. parler speech, talk,
   fr. parler to speak, LL. parabolare, fr. L. parabola a
   comparison, parable, in LL., a word. See Parable, and cf.
   Parliament, Parlor.]
   Mutual discourse or conversation; discussion; hence, an oral
   conference with an enemy, as with regard to a truce.
   [1913 Webster]

         We yield on parley, but are stormed in vain. --Dryden.
   [1913 Webster]

   To beat a parley (Mil.), to beat a drum, or sound a
      trumpet, as a signal for holding a conference with the
      enemy.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Parley \Par"ley\, v. i. [imp. & p. p. Parleyed; p. pr. & vb.
   n. Parleying.]
   To speak with another; to confer on some point of mutual
   concern; to discuss orally; hence, specifically, to confer
   orally with an enemy; to treat with him by words, as on an
   exchange of prisoners, an armistice, or terms of peace.
   [1913 Webster]

         They are at hand,
         To parley or to fight; therefore prepare. --Shak.
   [1913 Webster]

WordNet (r) 3.0 (2006):

parley
    n 1: a negotiation between enemies
    v 1: discuss, as between enemies

Moby Thesaurus II by Grady Ward, 1.0:

104 Moby Thesaurus words for "parley":
   admonition, advice, advise with, advising, advocacy, audience,
   bargain, bargaining, bargaining session, briefing, call in,
   calumet, caution, caveat, collogue, colloquium, colloquy,
   compare notes, conclave, confab, confabulation, confer,
   confer with, conference, confrontation, congress, consult,
   consult with, consultation, convention, council, council fire,
   council of war, counsel, deal, deliberate, deliberation, dialogue,
   direction, discuss, discuss with, discussion, downing of arms,
   empty hands, exchange observations, exchange of views,
   exchange views, exhortation, expostulation,
   eyeball-to-eyeball encounter, flag of truce, guidance,
   hand of friendship, have conversations, high-level talk,
   hold conference, hortation, huddle, idea, instruction,
   interchange of views, interview, meeting, monition, negotiate,
   negotiations, news conference, offer of parley, olive branch,
   opinion, outstretched hand, palaver, peace feelers, peace offer,
   peace offering, peace pipe, pipe of peace, pourparler, powwow,
   press conference, propitiatory gift, proposal, put heads together,
   reason with, recommendation, refer to, remonstrance, seance,
   session, sit down together, sit down with, sitting, suggestion,
   summit, summit conference, summitry, take counsel, take up with,
   talk over, talks, thought, truce flag, warning, white flag