The Collaborative International Dictionary of English v.0.48:

Raillery \Rail"ler*y\ (r[a^]l"l[~e]r*[y^] or r[=a]l"-; 277), n.
   [F. raillerie, fr. railler. See Rail to scoff.]
   Pleasantry or slight satire; banter; jesting language;
   satirical merriment.
   [1913 Webster]

         Let raillery be without malice or heat.  --B. Jonson.
   [1913 Webster]

         Studies employed on low objects; the very naming of
         them is sufficient to turn them into raillery.
                                                  --Addison.
   [1913 Webster]

WordNet (r) 3.0 (2006):

raillery
    n 1: light teasing repartee [syn: banter, raillery, give-
         and-take, backchat]

Moby Thesaurus II by Grady Ward, 1.0:

57 Moby Thesaurus words for "raillery":
   badinage, banter, booing, catcalling, chaff, chaffing, derision,
   exchange, fleering, flippancy, fooling, fooling around, frivolity,
   give-and-take, good-natured banter, grinning, harmless teasing,
   hissing, hooting, invective, jape, jeering, jest, jesting, jive,
   joke, joking, josh, joshing, kidding, kidding around, leering,
   levity, mockery, panning, persiflage, pleasantry, ragging,
   rallying, razzing, repartee, ridicule, roasting, scoffing,
   smart-aleckiness, smartness, smirking, sneering, snickering,
   sniggering, snorting, sport, taunting, teasing, twit, twitting,
   vituperation