The Collaborative International Dictionary of English v.0.48:

Shave \Shave\, v. t. [imp. Shaved (sh[=a]vd);p. p. Shaved or
   Shaven (sh[=a]v"'n); p. pr. & vb. n. Shaving.] [OE.
   shaven, schaven, AS. scafan, sceafan; akin to D. schaven, G.
   schaben, Icel. skafa, Sw. skafva, Dan. skave, Goth. scaban,
   Russ. kopate to dig, Gr. ska`ptein, and probably to L.
   scabere to scratch, to scrape. Cf. Scab, Shaft, Shape.]
   1. To cut or pare off from the surface of a body with a razor
      or other edged instrument; to cut off closely, as with a
      razor; as, to shave the beard.
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   2. To make bare or smooth by cutting off closely the surface,
      or surface covering, of; especially, to remove the hair
      from with a razor or other sharp instrument; to take off
      the beard or hair of; as, to shave the face or the crown
      of the head; he shaved himself.
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            I'll shave your crown for this.       --Shak.
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            The laborer with the bending scythe is seen
            Shaving the surface of the waving green. --Gay.
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   3. To cut off thin slices from; to cut in thin slices.
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            Plants bruised or shaven in leaf or root. --Bacon.
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   4. To skim along or near the surface of; to pass close to, or
      touch lightly, in passing.
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            Now shaves with level wing the deep.  --Milton.
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   5. To strip; to plunder; to fleece. [Colloq.]
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   To shave a note, to buy it at a discount greater than the
      legal rate of interest, or to deduct in discounting it
      more than the legal rate allows. [Cant, U.S.]
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WordNet (r) 3.0 (2006):

shaven
    adj 1: having the beard or hair cut off close to the skin [syn:
           shaven, shaved] [ant: unshaved, unshaven]