VERB (3)

1. pedal backwards on a bicycle;

2. step backwards, in boxing;

3. modify one's opinion, make it less strong;

The Collaborative International Dictionary of English v.0.48:

backpedal \back"ped*al\ v. i.
   1. pedal backwards, as on a bicycle.
      [WordNet 1.5]

   2. step backwards, in boxing.
      [WordNet 1.5]

   3. modify one' opinion, usually by making it less strong or
      adding qualifications.
      [WordNet 1.5] Backpiece

WordNet (r) 3.0 (2006):

backpedal
    v 1: pedal backwards on a bicycle
    2: step backwards, in boxing
    3: modify one's opinion, make it less strong

Moby Thesaurus II by Grady Ward, 1.0:

61 Moby Thesaurus words for "backpedal":
   arrest, back, back away, back off, back out, back up, backtrack,
   backtrail, backwater, brake, check, clip the wings, countermarch,
   crawfish out, cry off, curb, decelerate, delay, detain, dodge,
   draw rein, duck, ease off, ease up, elude, evade, get around,
   go into reverse, hold back, hold in check, hold up, impede,
   keep back, let down, let up, lose ground, lose momentum,
   lose speed, make sternway, moderate, obstruct, reef, rein in,
   relax, renege, resile, retard, reverse, set back, shirk, sidestep,
   slack off, slack up, slacken, slow, slow down, slow up, stay,
   take in sail, throttle down, welsh