The Collaborative International Dictionary of English v.0.48:

Woolding \Woold"ing\, n. (Naut.)
      (a) The act of winding or wrapping anything with a rope,
          as a mast.
      (b) A rope used for binding masts and spars.
          [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Woold \Woold\, v. t. [imp. & p. p. Woolded; p. pr. & vb. n.
   Woolding.] [D. woelen, bewoelen; akin to G. wuhlen,
   bewuhlen. [root]146.] (Naut.)
   To wind, or wrap; especially, to wind a rope round, as a mast
   or yard made of two or more pieces, at the place where it has
   been fished or scarfed, in order to strengthen it.
   [1913 Webster]
   [1913 Webster]