The Collaborative International Dictionary of English v.0.48:

Shaving \Shav"ing\, n.
   1. The act of one who, or that which, shaves; specifically,
      the act of cutting off the beard with a razor.
      [1913 Webster]

   2. That which is shaved off; a thin slice or strip pared off
      with a shave, a knife, a plane, or other cutting
      instrument. "Shaving of silver." --Chaucer.
      [1913 Webster]

   Shaving brush, a brush used in lathering the face
      preparatory to shaving it.
      [1913 Webster]

WordNet (r) 3.0 (2006):

shaving brush
    n 1: a brush used to apply lather prior to shaving